News

Binance to cease operations in Japan, Nikkei states; Binance denies it

According to Nikkei Review, the FSA (Financial Services Agency) has required the giant exchange Binance to halt all operations within Japan borders. This due to the fact that the exchange has not complied with the national requirements, and has not been granted a license since 2017 when the FSA required every registered exchange to get one.
This measure would be one of a kind, because Binance is the biggest exchange of the world, at least in volume traded, if we trust CoinMarketCap numbers. And trade being halted by the Japanese financial watchdog would upset users and investors alike, causing losses of millions of dollars. A problem that also has made the FSA take this measure is that Binance does not require the trader identity to be disclosed for operating with its platform, and Japan regulation clearly states that every registered exchange must comply with identification laws.
The article also states that this omission can lead to indirectly aiding terrorism funding and money laundering, via the trade of some anonymity coins in their platform (Monero being one of them).
But the Binance CEO has responded swiftly and declared via his Twitter account that Nikkei has exercised “irresponsible” journalism by publishing that report. he states that Binance has always been in constant conversations with the Japanese government and regulators, and that no halt notice has been sent to them.

Will this be a serious report of Nikkei, having an insider source on the FSA or an irresponsible exercise of journalism like Binance CEO said on his Twitter account? We will see in the coming days if the halt measure is really taken.

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