The Japanese exchange security regulator will send out a message of warning to Binance to cease all its operations within the country until a proper license is acquired or risk facing legal actions.
This came as a result of Binance, an international multi-language cryptocurrency exchange company that has allegedly begun expanding operations into Japan without permission from the regulatory agency.
With the recent rise in the false affiliation of companies with cryptocurrency in China and the recent hack at the Tokyo exchange Coincheck in January, the FAS has stepped up its oversight to improve and regulate the cryptocurrency trading market across the board.
The hack which led to a loss of more than $530 million worth of tokens, has the body on its toes to clamp down on any irregular trading activities or affiliations.
This has led to the formation of a regulatory body by the 16 registered and licensed cryptocurrency exchanges in the country to foster a better relationship and also compliance within the industry.
However, CEO Changpeng Zhao tweeted that the company was already in advance talks with the FSA;
“We are in constructive dialogs with Japan FSA, and have not received any mandates,” Zhao said. “It does not make sense for JFSA to tell a newspaper before telling us, while we have an active dialog going on with them.”
Featured Image: OkeyzoneTechno
Twitter Lanches Bitcoin Tip Service, Available on iOS Devices
Dubai regulators have flung open the door for crypto businesses
Giveaway Scam Resolve; Bitcoin.org is back online: Will the perp be found?
VanEck to Give Clients Access to Crypto by Offering a Solana ETF
Solana based DEX, Orca Closes $18M Series A Round
We don’t expect all businesses to adopt e-Naira –CBN
We chose Bitt Inc for the e-Naira because of Capacity & Experience – CBN
KB24 Launches NFTs Collection in Memory of Kobe Bryant, Proceeds to be Given to Charity
President of Turkey Says the Country is at War with Cryptocurrencies
Watch the Latest Edition of Inside Blockchain – 29th Nov. 2020
Crypto Roast is LIVE – 27th Nov. 2020
AMA Series with Beam CTO & Tech Lead, Alex Romanov
Keep it Locked on to Cryptotvplus
Inside Blockchain | 16.11.2020
Inside Blockchain: WHY YOU SHOULD BECOME A BLOCKCHAIN DEVELOPER
How Blockchain Technology Can Transform Governance In Africa
E-naira Project Award to BITT Raises Regulatory Questions
The Central Bank of Nigeria’s e-naira Project has generated a number of questions lately. The most recent is the contention...
Ecosystem Growth Fund: The newest ways to market and promote blockchain platforms
Fantom, Harmony, Algorand & OKEx has in less than a month announced a billion dollars fund to boost development on...
TOKEN2049 Returns for In-Person Event this October in London
Highly anticipated conference at the forefront of the digital assets space marks the return of one of the first major...
OKEx Launches Super Affiliate Program
Are you a KOL or content creator in the crypto space? Do you want to boost your earning by introducing...
Influencers Are the Drive behind NFTs Popularization – Karla Obarkpolor
The founder of NFT marketplace Qlipit and Crypto Asset Management Company, Crypto Smart has stated that influencers have played big...