Binance News: Top financial regulators in the UK and Japan have issued warnings about Binance for offering crypto exchange services to citizens of the two countries without being registered with regulators as required by law.
Japanese regulator’s warning
Japan’s largest financial regulator, the Financial Services Agency (FSA), on Friday, Binance Holdings Ltd. issued a warning notice/communiqué against his company and CEO Changpeng Zhao. The notice states that Binance provides crypto exchange services to Japanese customers without registration.
Under Japanese cryptocurrency regulation, companies wishing to offer crypto exchange services in Japan must register with the FSA. This is not the first notification Binance has received from the FSA about this. The regulator issued the same warning to Binance in March 2018. Also in May, the FSA, Bybit Fintech Ltd. and its CEO, Ben Zhou, issued a similar warning.
British regulator’s warning
The UK’s financial regulator, the Financial Conduct Authority (FCA), issued a consumer warning to Binance on Saturday. FCA says:
“Binance Markets Limited is currently not permitted to engage in any regulated activity without the prior written consent of the FCA… This firm is part of a larger group (Binance Group). Binance Group appears to offer a range of products and services to UK customers through its website, Binance.com.”
FCA also highlighted:
“No other entity in the Binance Group (website) has any UK authorization, registration or license to operate regulated business in the UK.”
Binance is not the only firm offering crypto exchange services to UK clients without registering with the financial authority. In the regulatory statement, it states:
Most firms that advertise crypto assets and sell investments are not authorized by the FCA.