Binance, the world’s largest cryptocurrency exchange, appears to have attracted the attention of Japan’s top financial regulator, the Financial Services Agency [FSA].
The demand for digital assets has risen in tandem with the exponential growth of the bitcoin industry. As a result, cryptocurrency platforms have received increased attention. Crypto companies such as Binance, Coinbase, and others have gained a lot of popularity by adhering to these demands.
In addition, regulators from over the world have expressed worries about factors like KYC and AML procedures. Even if a platform complies with all of the standards imposed by one country, it may not be the same in other countries. Binance appeared to have come under the scrutiny of Japan’s banking regulator
The Financial Services Agency of Japan had issued a warning against the world’s largest bitcoin exchange earlier today. The authority stated in its notification that Binance was operating in the country without an appropriate license or registration.
This isn’t the first time Binance has received a warning for conducting business in the country. The Financial Services Authority (FSA) warned the crypto exchange in 2018 that if it continued to operate in the region, it would face fines. The exchange released an announcement over a year ago, addressing the same issue. According to the post,
“Binance.com is discontinuing its service for Japanese residents. As a result, we intend to gradually apply transaction limitations for Japanese customers in the future. We’ll be in touch with you as soon as the transaction restrictions are finalized.”
Regardless, the exchange continued to provide services to Japanese citizens. Binance has yet to respond to the second warning from the country’s authority.
In addition, the FSA chastised another prominent exchange, Bybit, for operating in the country without being registered.
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