Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has been “operating in Japan without registration,” the country’s financial regulator said.
The Japanese Financial Services Agency (FSA) issued a warning to Binance on March 7, 2018, asking the company to “cease and desist” from operating in the country without proper registration.
Binance has not yet registered with the FSA, but the agency said it is investigating the exchange. The FSA warned that Binance could be operating in Japan without complying with Japanese lAWS and regulations, including money laundering regulations.
The FSA’s warning comes as Binance is facing increased scrutiny from regulators around the world. In February 2018, the exchange was ordered to halt trading in China after the Chinese government began cracking down on cryptocurrency exchanges.
Binance then moved its operations to Hong Kong.
In response to the FSA’s warning, Binance issued a statement saying that it is “committed to complying with all applicable lAWS and regulations.” The exchange also said it is “in talks” with the FSA and is “working hard to obtain the appropriate licenses.”
NOTE: WARNING: It is important to research and understand the legal implications of using Binance in Japan. Depending on the type of cryptocurrency activities you are engaging in, certain regulations may apply that could make it illegal to use Binance in Japan. It is important to note that using Binance in Japan is not a foolproof way to avoid legal issues. You should always do your own research and consult a qualified legal professional for advice about any potential legal implications.
It is unclear if Binance will be able to obtain a license from the FSA or if the exchange will be forced to shut down its operations in Japan. However, if Binance does not register with the FSA, it could face severe penalties, including a fine of up to $5 million or up to five years in prison.
Binance is one of the most popular cryptocurrency exchanges in the world and has been growing rapidly since it was founded in 2017. The exchange allows users to trade a variety of digital assets, including Bitcoin, Ethereum, Litecoin, and Ripple.
Binance has not yet registered with the Japanese Financial Services Agency (FSA), but the agency has issued a warning to the exchange asking it to cease and desist from operating in the country without proper registration. The FSA’s warning comes as Binance is facing increased scrutiny from regulators around the world.
In response to the FSA’s warning, Binance has said that it is committed to complying with all applicable lAWS and regulations and is working hard to obtain the appropriate licenses. It is unclear if Binance will be able to obtain a license from the FSA or if the exchange will be forced to shut down its operations in Japan.
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