The Japanese Financial Services Agency said Tuesday it has sent a warning to cryptocurrency exchange Binance, warning it might have violated Japanese laws. The agency said it had asked Binance to stop offering services after receiving information that it could be operating outside of its registered business scope, using the personal information of its clients to “allow anonymous trading.”
Binance is a Hong Kong-based cryptocurrency exchange. It boasts of being the world’s largest exchange by trading volume. It supports dozens of cryptocurrencies, and in general it is a very popular exchange in general in the cryptocurrency world. However in July the Hong Kong cryptocurrency exchange was in the news for their recent decision to delist at least five cryptocurrencies. The team at Binance claimed that they were in the process of relisting the coins in question. The announcement was met with suspicion and dismay from the community, and especially from the company’s customers, who felt that they had been misled by the exchange.
Binance, one of the largest cryptocurrency exchanges in the world, has just announced that it has officially registered with the Financial Services Agency (FSA) in Japan. The announcement further states that Binance intends to continue offering services in Japan, subject to the approval of the FSA.
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News from the Exchange
- Binance, a cryptocurrency exchange based in Japan, has been cautioned by the Japanese Financial Services Agency.
- This was the FSA’s second warning to Binance.
- Regulatory authorities have been looking into Binance.
The Financial Services Agency (FSA), Japan’s main financial market regulator, has issued a warning to Binance, as the cryptocurrency exchange continues to operate without permission in the nation.
The Financial Services Agency (FSA) issued a warning on Friday, saying that Binance has been offering crypto exchange services in the nation without being registered with the agency (FSA). Last month, the government issued a similar warning to crypto derivatives market Bybit.
Furthermore, this was the Financial Service Agency’s second warning to Binance. Binance, a cryptocurrency exchange, got its first warning from the Financial Services Authority (FSA) in March 2018. If the cryptocurrency exchange continues to operate without a license, the regulator has warned that it would face criminal prosecution. As a result of the warning, Binance was obliged to relocate its headquarters from Japan to Malta.
Binance has been scrutinized by regulatory authorities in a many of countries since then. According to reports, the business is being investigated by both the Internal Revenue Service and the Department of Justice in the United States.
Furthermore, a proposed collaboration with Japan-based crypto belonging exchange TaoTao is in the works. In October, the deal fell through, thus ending Binance’s efforts to re-enter the country’s market.
Binance stock token trading, in particular, drew the attention of German and British securities regulators in April. Binance jurisdiction hopping was labeled by the Financial Action Task Force in September 2020 as a sign of a crypto exchange trying to evade rules.
Furthermore, Binance is one of the most well-known online exchanges for trading cryptocurrencies. Many of the most widely traded cryptocurrencies are supported by Binance. It allows you to trade over 500 different cryptocurrencies and virtual tokens. Binance has its own cryptocurrency, Binance Coin, which is built on the blockchain (BNB).
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The Japanese Financial Services Agency (FSA) has issued a warning to Binance, regarding its use of custody services provided by Pantabank, Pantabank has since issued a statement denying that it has any relationship with Binance.. Read more about binance uk ban and let us know what you think.
Frequently Asked Questions
Is Binance banned in Japan?
Binance is not banned in Japan.
Does Binance report to Japan?
Binance is a cryptocurrency exchange that does not report to Japan.
Is Binance FCA regulated?
Binance is not regulated by the UKs Financial Conduct Authority.
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