Financial Services Agency (FSA) the regulatory watchdog of Japan has issued a warning against Binance crypto exchange. The warning is for operating without the mandatory operating license required under new guidelines. The regulatory head had issued a similar warning against the Bybit exchange last week.
Japan is seen as one of the most progressive crypto nations where crypto exchanges can operate with a regulatory clearance from the FSA.
FSA has issued a similar warning back in 2018 as well. Binance is one of the largest crypto exchanges with customers from around the globe. However, over the past few years, it has been at the receiving end of regulators, starting from 2018 when Malta declared Binance is not registered in the country. Before the announcement, Binance has maintained it operated out of the small crypto heaven nation but later said that being a decentralized firm it has no centralized headquarters as its employees belong to various parts of the world.
While Binance is facing regulatory hurdles in Japan its American rival Coinbase received FSA clearance to enter the Japanese crypto market just a couple of days ago.
Binance Continue to Face Regulatory Scrutiny
The largest crypto exchange by trading volume has one of the widest customer bases and that comes with its share of disadvantages. The exchange claims it’s compliant with every government and country where it runs its business or offers services, the exchange has faced a fair share of compliance issues.
The exchange was on a hiring spree in the US on-boarding many former US government officials as policy heads and compliance advisors to mitigate the issue. Binance.US its sister company has also seen significant administrative changes this year. The