The Japanese financial supervisory authority has issued an official warning for the crypto currency exchange Binance.
In a statement on Friday, the authority confirmed the rumours that had already been circulating since Thursday. Binance lacks a license that is necessary for offering crypto currencies in Japan. In an interview with Bloomberg a few weeks ago, the stock exchange explained that it was working with the Financial Supervisory Authority on this very licence.
The opinion does not indicate whether the supervisory authority will also take legal action against Binance. Zhao Changpeng, Managing Director of the Exchange, explained that his company had received the letter with the warning and that the legal department is now in dialogue with the authorities.
Binance was founded in the summer of 2017 and has developed into one of the largest crypto currency exchanges (in terms of trading volume) within a short period of time. Although the company is based in Hong Kong, Alexa’s data shows that around 9% of the site’s visitors come from Japan.
The FSA has already targeted other foreign companies providing services to the Japanese. For example, a stock exchange in the Chinese city of Macau had to discontinue its services for Japanese customers completely after its offer of crypto currencies and ICOs did not comply with the country’s guidelines.