The Japanese financial services agency issued a warning to Binance about the provision of exchange of crypto-currencies to Japanese residents via the Internet without a license in the country, the statement said on the agency’s website. Bitcoin fell by as much as 4.5 percent after the Nikkei first reported a warning on Thursday and fell 0.2 percent at 9:31 am in Hong Kong on Friday.
Binance, founded by Zhao Changpeng, was warned because he had several employees in Japan and was expanding without official authorization, according to a person familiar with FSA plans who asked not to be named because the information is confidential.
THIS NEWS ADD THEMSELVES THAT GOVERNMENTS WORLDWIDE ACTIVATE CONTROL OVER CRYPTOCURRENCY ON THE BACKGROUND OF THE WORK, THAT THEY FULL EVERYTHING, FROM MONEY WASHING UP TO THE FAILURE OF PAYING TAXES AND FRAUD
Japan, one of the most active digital assets markets around the world, introduced last year a licensing system for the exchange of virtual currencies to improve oversight.
Binance said in January that they were working to acquire a license in Japan, but the warning could complicate those efforts. Zhao said on Thursday that the exchange “has a constructive dialogue” with the FSA. While Binance was founded in Hong Kong last year, Zhao said that his company currently does not have a legal headquarters anywhere in the world.
FSA strengthens the supervision of stock exchange cryptocurrency after stealing 500 million dollars from the Japanese exchange Coincheck Inc. in January. Last month, the regulatory body published an administrative fine against Blockchain Laboratory Ltd. in Macao for seminars and consulting services in Japan without a license. Earlier this month, he suspended several of the local ones because of insufficient security measures.
According to Coinmarketcap.com, Binance ranked as the world’s largest cryptocurrency exchange. On this site, he ranked first in the ranking in the last 24 hours, trading about 1.6 billion dollars, the site reports.