- Japan FSA warned cryptocurrency exchange Binance.
- This was the second warning by the FSA to Binance.
- Binance has come under scrutiny from regulatory agencies.
The Financial Services Agency (FSA), Japan’s top financial market regulator, has furnished a warning against Binance as the cryptocurrency exchange continues to offer services in the country without authorization.
On Friday FSA issued a warning, stating that Binance has been providing crypto exchange services in the country without registering with the Financial Services Agency (FSA). A related warning was issued by the agency to crypto derivatives exchange Bybit past month.
Moreover, this was the second warning by the Financial Service Agency to Binance. The crypto exchange Binance received its first warning from FSA in March 2018. The regulator warned that the cryptocurrency exchange would face criminal charges if it continues to operate without a license. Accordingly, the warning forced Binance to change it headquarter out of Japan to Malta.
Henceforth, Binance has come under scrutiny from regulatory agencies in several jurisdictions. Reportedly the company comes under investigation by both the United States Internal Revenue Service and the Department of Justice.
Hence more, a planned partnership with Japan-based crypto belonging exchange TaoTao. Also fell through in October stopping any reentry attempts for Binance into the country’s market.
More so, Binance stock token trading also created attention among German and British securities watch-dogs back in April. In September 2020, the Financial Action Task Force characterized Binance jurisdiction hopping as being indicative of a crypto exchange looking to avoid regulations.
Furthermore, Binance is one of the topmost online exchanges, in that users can trade cryptocurrencies. Binance supports many of the most commonly traded cryptocurrencies. It offers trading in more than 500 cryptocurrencies and virtual tokens. Binance has its blockchain-based token, Binance Coin (BNB).
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