JPYC Emails Return-Transfer Instructions After Noncompliant Deposits
The yen-pegged stablecoin issuer is handling deposits made outside JPYC EX rules since Sept. 17, while transactions under review are being checked individually.
JPYC Inc. is emailing affected users instructions for return transfers after deposits failed to meet JPYC EX requirements, with reviews continuing for other cases submitted since Sept. 17.
The affected transactions include deposits made without prior reservations, deposits for incorrect amounts and requests canceled after funds were deposited. JPYC is sending the instructions on a rolling basis.
Transactions still marked “under review” are being checked and processed individually, along with other user inquiries. JPYC has not provided a completion date.
JPYC is a yen-pegged stablecoin designed to maintain a 1:1 value with the Japanese currency. Users can issue or redeem it through the JPYC EX platform after completing know-your-customer checks.
