Japan's Financial Services Agency issued a public warning on September 11 against a company called Bit Hills Inc., saying it has been lending money over the internet without registering as a moneylender under Japanese law.
The warning was issued under Article III-1-1(4)③ of the FSA's comprehensive supervisory guidelines for moneylenders.
Bit Hills Inc. lists its address as Intershore Chambers, Road Town, Tortola, in the British Virgin Islands. The FSA says it could not identify the company's representative. According to the regulator, the company operates an online service called CryptoPawn, through which it makes cash loans over the internet.
The FSA notes that the company name and address are compiled from internet-sourced information and may no longer be current.
The warning puts the operator's name in the public record and tells prospective borrowers that no license underpins the service. The Banking and Securities Supervisory Bureau's Money Lending Business Office is listed as the contact point for questions on the warning.