The world’s largest cryptocurrency exchange, Binance, seems to have caught the eye of Japan’s prominent financial regulator Financial Services Agency [FSA].
As the cryptocurrency industry has been growing beyond leaps and bounds, the demand for digital assets has followed suit. This has put more focus on cryptocurrency platforms. Adhering to these demands, crypto platforms like Binance, Coinbase, and several others have garnered a lot of traction. Alongside this, regulators from across the globe have been expressing concerns over aspects like KYC and AML procedures. Even though a platform would be compliant with all the rules put forth by one country, it might not be the same for the others.
Binance seemed to have fallen under the purview of Japan’s financial watchdog.
Japan’s FSA issues a warning against Binance
Earlier today, it was noted that the Financial Services Agency of Japan had issued a warning against the world’s largest cryptocurrency exchange. In this notice, the regulator pointed out that Binance was carrying out operations in the country without a proper license or registration.
This isn’t the first time that Binance had amassed a warning for operating in the country. Back in 2018, FSA issued a notice cautioning the crypto exchange of facing charges if it prolonged its functions in the region. About a year ago, addressing the same, the exchange made an announcement. The post read,
“Binance.com will phase out the service to Japanese residents. Therefore, in the future, we plan to gradually implement transaction restrictions for customers residing in Japan. We will contact you as soon as the details of the transaction restrictions are decided.”
Despite this, the exchange continued to offer its services to the citizens of Japan. With a second warning from the country’s regulator, Binance hasn’t commented about it yet.
In addition to this, FSA went on to call out another popular exchange, Bybit for functioning in the country without registering.