Japan’s Financial Services Authority “FCA” Warns Against Cryptocurrency Exchange Binance
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Answer Japan’s Financial Services Authority “FCA” Warns Against Cryptocurrency Exchange Binance
The Financial Services Agency (FSA), Japan’s largest financial markets regulator, has issued a warning against Binance as the cryptocurrency trading platform continues to provide services in the country without permission.
The warning issued on Friday stated that Binance is offering cryptocurrency exchange services in the country without registering with the Financial Services Authority.
A similar warning was sent by the FCA to crypto exchange Bybit last month.
For Binance, this is the second warning from the Japanese financial market regulator.
The cryptocurrency exchange giant received its first warning from the Financial Services Authority in March 2018 when the regulator warned that Binance would face criminal charges if it continued to operate without a license.
Read:Crypto company “Blockchain.com” receives temporary approval from the regulatory authority in Dubai
This forced Binance to move its headquarters from Japan to Malta.
Japan was one of the first countries to introduce mandatory registration for cryptocurrency exchanges.
The Coincheck hack in early 2018 prompted the Financial Services Authority to aggressively enforce those rules.
After its exit from Japan, Binance attempted to enter into a partnership deal with local trading platform TaoTao, but those talks later collapsed.
The organizers behind Binance:
Binance has turned into a major cryptocurrency trading platform especially with its operations spread around the world.
Binance has expanded its services significantly over the years and now has a trading presence from spot trading to derivatives trading and from cryptocurrency mining to lending.
Meanwhile, Binance is facing investigations by European regulators for offering tokenized stock trading as cryptocurrencies and by the US regulator for accepting US clients to trade derivatives.
Read:After his name was released on the crypto rich list… the founder of Binance declares what he owns!
However, Binance has always maintained its position of being a compliant company in all jurisdictions.
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