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The Japanese regulator warned Binance is operating without registration in the country so let’s read more in our latest Binance news today.
The Japanese regulator FSA issued a warning to Binance indicating that the exchange was operating in the country without being registered with the regulator. The validity of the notice was confirmed by the source close to the matter. Back in 2017, the FSA started a new registration process in Japan which required crypto companies to file with the regulator in order to continue with the operations.
The move was a new reaction to a number of incidents and hacks of ill-equipped teams managing a crypto business, especially with exchanges. The crash of Mt.Gox in 2014 is maybe the most memorable but there were other reports showing that over $500 million was lost to hacks in the first half of 2018. today’s warning is the second from the FSA with the first being issued in 2018 aft3er the exchange moved the operations to Malta.
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It now appears that the users located in Japan are able to access the site and make new trades. Binance hasn’t responded yet to inquiries on this matter but Changpeng Zhao as the CEO said that Binance doesn’t have formal headquarters during the Ethereal Summit this year. The crypto exchange is the biggest trading platform in the industry by volume and this title didn’t come as easy but Binance has often been the center of regulatory duals across the world.
In 2020, the Malaysian government issued a new warning to that of the Japanese regulators stating that the exchange was operating illegally, and in the US the stakes have been higher so reports from earlier showed that the commodity Trading Futures Commission that investigated Binance for allowing US citizens to trade derivatives without having to register with the CFTC. Binance was hard at work to ease the regulatory complications since in April the company hired the former acting Comptroller of the Currency as Brian Brooks to lead Binance US as the exchange entity.
Whether the latest warning from the FSA will stop Binance’s operations remain to be seen but given the history the notice will take little effect.
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