Share this article
Japan Warns Binance Exchange Over Licensing
The Japanese financial regulator has issued a warning to Binance over its operation legitimacy in Japan.
By Wolfie Zhao
Updated Sep 13, 2021, 7:43 a.m. Published Mar 23, 2018, 3:00 a.m.
Japan's top financial regulator has issued a warning to cryptocurrency exchange Binance.
In a statement published by the Financial Services Agency on Friday, the agency confirmed Thursday's news that suggested Binance was about to be warned by the financial watchdog given its lack of registration with the regulator.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Yet the statement does not entail whether the regulator is weighing criminal charges, as indicated in the previous report from Nikkei. The exchange told Bloomberg earlier this year that it was working with Japanese regulators to secure a license.
Responding to the FSA statement, Zhao Changpeng, Binance's CEO, confirmed receipt of the warning letter and stated the firm's legal team is in dialogue with the agency.
No need to worry. Some negative news often turn out to be positive in the long term. Chinese have a proverb for this. New (often better) opportunities always emerge during times of change.
— CZ 🔶 Binance (@cz_binance) March 23, 2018
Founded in summer 2017 and based in Hong Kong, Binance has emerged as one of world's largest cryptocurrency exchanges by trade volume in the past six months. According to data from Alexa, the firm currently sees roughly 9 percent of its traffic visit from Japan.
Advertisement
The FSA has warned other overseas firms about offering services to Japanese citizens in the past.
As previously reported by CoinDesk, the agency issued multiple warnings last month to a Macau-based cryptocurrency firm that provided bitcoin purchases and initial coin offering services to Japanese investors. The firm pulled out of the country following the warnings.
Yen image via CoinDesk's archive
Mais para você
Mais para você
Bitcoin Jumps to $99K as Spiking Coinbase Premium Points to Strong U.S. Buying
Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
O que saber:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
Top Stories
