Binance Gets Another Warning From Japan’s Authorities

The Japanese financial regulatory agency issued another warning against one of the leading centralized exchange platforms, Binance on Friday, stating the exchange’s operation in the country is not regularized.

According to FSA, Binance isn’t licensed in the country, so engaging in business with Japanese residents through the internet is illegitimate because they’re not granted the permission to do so.

The new warning comes after over three years of issuing a similar notice against Binance in March 2018. Then, it was stated that the exchange would face criminal charges if it continued to do business without a license.

Being the major reason the exchange moved its headquarters out of the country, poised to officially move to Malta after receiving streaks of warning from the regulator.

Last year, Binance announced that it would implement a “gradual restriction of trading functions” for Japanese residents which they have not.

The exchange’s Japanese website is still pretty much accessible till date even for new account creations. And when accessing the site via a VPN, Binance does not appear to block Japanese IP addresses as promised earlier.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts