Friday, July 30, 2021

Japanese regulators warn that Binance is operating without a proper license.

The Takeaway:

Japan's Financial Services Agency (FSA) issued another warning against crypto exchange Binance, saying that the exchange is still operating in the country without registration.

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Japan’s Financial Services Agency (FSA) issued a warning saying that Binance is doing business with Japanese residents via the internet despite lacking permission to do so. The FSA’s new warning comes over three years after it issued a similar notice against Binance in March 2018. At the time, the regulator said that the crypto exchange would face criminal charges if it continued to do business without a license. 

 

Binance moved its headquarters to Malta. 

The warning from the financial regulator had forced the crypto exchange to move its headquarters out of the country, officially moving to Malta before eventually adopting a “decentralized” structure. Earlier, the crypto exchange said that it would implement a “gradual restriction of trading functions” for Japanese residents “at a later date.” But Binance’s Japanese website is still accessible at the time of writing, even for new account creations. Even when accessing the site using a VPN, Binance does not appear to block Japanese IP addresses.

 

FSA also issued a similar warning to Bybit. 

FSA had also issued a warning against Bybit, saying that the crypto derivatives exchange is unregistered and still operating in the country. The warning also stated that the crypto exchange Bybit, headquartered in Singapore, was not complying with the country’s laws. Though crypto and related business have been prevalent in Japan for a while now, this was the first time FSA issued a warning like this to a crypto exchange in the past three years. Bybit was also called out by the UK’s Financial Conduct Authority to cease operations in the country as the regulatory body announced a ban on crypto derivatives.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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