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.”
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