Binance News: Japan’s financial market regulator, the Financial Services Agency (FSA), has issued a warning to Binance for continuing to offer its cryptocurrency exchange unauthorized services in the country.
The alert, released on Friday, said that Binance provides crypto exchange services in the country without registering with the FSA. A similar warning was sent by the agency to crypto derivatives exchange Bybit last month.
This warning for Binance is the second warning from the Japanese financial market regulator. Crypto exchange giant Binance received its first warning in March 2018 that it would face criminal charges if it continued to operate on the exchange without a license. This warning forced Binance to move its headquarters from Japan to Malta.
Japan is one of the first countries to mandate the registration of cryptocurrency exchanges. The FSA enforced the rules after the hack that took place on the Coincheck exchange in early 2018.
After exiting Japan, Binance tried to reach a partnership agreement with local exchange TaoTao, but these negotiations failed.
While Binance did not publicly respond to the FSA warning, the exchange’s Japanese website can even be accessed from Japanese IP addresses and the new user registration page.
Japan’s regulators are chasing Binance
Binance has grown into a major crypto exchange with operations worldwide. It has expanded its services over the years. Binance has a commercial presence ranging from spot to derivatives trading and crypto mining to lending.
Binance is also facing investigations by European regulators for its stock trading offerings and US regulators for accepting clients for derivatives trading. However, Binance has always maintained its position of being a compliant company in all jurisdictions.