Is Binance Cryptocurrency Exchange Facing Regulatory Issues in Japan?

Is Binance Cryptocurrency Exchange Facing Regulatory Issues in Japan?. As reported on an article from Coingeek.com by Erik Gibbs late last week, Binance continues to face some regulatory issues in the country of Japan. Also, this goes back to the country’s Financial Services Agency (FSA) determination that the cryptocurrency exchange was operating without a proper business license. The result could be a slap on the wrist by Japan’s FSA. However, as first reported by Japan news outlet ‘Nikkei,’ it could be forced to shut down operations. The news report stated that the warning from the FSA first came on March 7. Binance’s CEO, Changpeng Zhao quickly went into damage control by denying that his company was ever contacted by the FSA.

Is Binance Cryptocurrency Exchange Facing Regulatory Issues in Japan?

Going back to that March 7 date, the report on Coingeek states that Binance users started to notice some odd activity with their accounts. Once these issues surfaced through user reports, Binance took the proper steps to disable any withdrawals to launch an investigation into the matter. After denying that its system had been hacked, the top brass at Binance admitted that this was the case and began to reverse any unauthorized transactions that had taken place

In January 2018 Coincheck Was hacked

Going back to January of this year when Coincheck was hacked, the FSA started a full-scale inspection into all of Japan’s cryptocurrency exchanges. Some stole an estimated $723 million in tokens. In one single transaction on Ripple, $123 million in tokens had disappeared. Coincheck is another cryptocurrency exchange that was not registered with the FSA.

Nikkei Showed Irresponsible Journalism

Returning to CEO Zhao’s initial response to the news report on Nikkei, he was quoted as saying, “Nikkei showed irresponsible journalism. We are in constructive dialogs with Japan FSA and have not received any mandates. It does not make sense for JFSA to tell a newspaper before telling us, while we have an active dialog going on with them.”

The Binance initial coin offering (ICO)?

Binance’s initial coin offering (ICO) was in July of 2017, and it raised $15 million. Currently, it boasts the highest trading value in the world according to Coingeek with a market capitalization of close to $1.3 billion. The company began trading in China until that government’s regulators started to crack down on cryptocurrencies.
It moved its base of operation to Japan in light of China’s actions.

Binance Has Taken Its Toll On Trading Cryptocurrencies

There is no further investigative proof that Binance will be forced to cease operations in Japan. One clue to its future in this country can be traced to Twitter user Henno van Rensburg. Coingeek suggests that the exchange has been asked to remove its Japanese language version on its site to discourage trading among any interested parties in this country. The news coming out of Japan concerning the future of Binance has taken its toll on trading cryptocurrencies in general. Even Bitcoin has been trending down with the cloud of uncertainty hanging over this industry right now.

Bitcoin Is A Major Part Of The Binance Digital Currency Exchange

In a more general view, Bitcoin has become a significant part of digital currency exchange in any number of industries including online gambling across the globe. Above all, this is especially true in the Asian marketplace. Real money gambling at real money casinos has incorporated cryptocurrency as one of its preferred methods of conducting financial transactions.

Binance has become one of the largest cryptocurrency exchanges in the world. With competition from Mt. Gox, Kraken and many other digital asset exchanges, Binance successfully secures thirty-two million dollars to fund a stable coin project in August 2018. Binance already has their own altcoin but this concept is very different. The idea of a stable coin is to offer cryptocurrency without risking the volatility of Bitcoin or another altcoin. Said differently, you will be able to use BTC/USD & USD/BTC pairs.

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Binance Cryptocurrency Exchange Faces Regulatory Issues in Japan?

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Is Binance Cryptocurrency Exchange Facing Regulatory Issues in Japan?. As reported on Coingeek.com by Erik Gibbs late last week, Binance continues to face some regulatory issues in the country of Japan. Also, this goes back to the country’s Financial Services Agency (FSA) determination that the cryptocurrency exchange was operating without a proper business license. The result could be a slap on the wrist by Japan’s FSA. However, as first reported by Japan news outlet ‘Nikkei,’ it could be forced to shut down operations. The news report stated that the warning from the FSA first came on March 7. Binance's CEO, Changpeng Zhao quickly went into damage control by denying that his company was ever contacted by the FSA.

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Arnold Mcarthy

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