Ever since the Coincheck incident, the Financial Services Agency (FSA) of Japan has tightened its regulations about crypto exchanges and Binance is no exception.
Binance and FSA
The FSA has confirmed that Binance is warned by the regulator because it is not registered with them.
As reported in Japanese new media website, Nikkei, Binance got a shutdown notice because of its lack of registration with the FSA.
The news erupted across media sites around the world. Binance CEO Mr. Changpeng Zhao confirmed that the exchange received the FSA letter. However, he downplayed the report.
When Coincheck got hacked in January 2018, the Financial Service Agency has tightened its grip on cryptocurrency exchanges across Japan.
Binance is the world’s biggest cryptocurrency exchange platform. Its volume averages $1.9 billion every 24 hours.