Binance, the world’s largest cryptocurrency exchange by trading volume, is reportedly “banning” Japanese residents from using its platform. The news sent shockwaves through the cryptocurrency community, with many wondering if this is the beginning of a crackdown on cryptocurrency exchanges by Japanese authorities.
Binance has not officially confirmed the ban, but a message posted on its website on March 23rd appears to indicate that the exchange is no longer servicing customers in Japan. The message, written in both Japanese and English, says “Due to regulatory requirements, Binance is unable to provide services to any Japan-based account holders.”
This is not the first time Binance has had to deal with regulatory issues in Japan. In March 2018, the Japanese Financial Services Authority (FSA) issued a warning to Binance that it was operating in the country without registration.
At the time, Binance was not registered with the FSA and was not following Japanese lAWS and regulations.
However, Binance did eventually register with the FSA in September 2018. It is unclear why the exchange is now “banning” Japanese residents, but it is possible that it is due to new regulations that have been proposed by the FSA.
NOTE: WARNING: Binance is currently not regulated in Japan and is not officially permitted to offer its services in the country. It is important to understand that while Binance may not be officially banned in Japan, it is still not authorized or licensed to provide its services to Japanese residents. We strongly advise against using Binance or any other unregulated cryptocurrency exchange within the country.
These regulations would require cryptocurrency exchanges to obtain a license from the FSA in order to operate in Japan.
The proposed regulations are still under review, and it is unclear when they will be finalized. In the meantime, Binance appears to be taking a proactive approach by banning Japanese residents from using its platform.
This could be seen as a way to avoid having to obtain a license from the FSA, but it remains to be seen how long this ban will last.
Binance is one of the most popular cryptocurrency exchanges in the world, and its decision to ban Japanese residents from using its platform will no doubt have a significant impact on the cryptocurrency community in Japan. Many people were already feeling uneasy about investing in cryptocurrencies after the hack of Coincheck in January 2018.
Now, with Binance also banning Japanese residents, some may feel even more hesitant about investing in cryptocurrencies.
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