It has had an expected outcome but of the completely unpredictable implications the case of Binance, the Asian colossus of the cryptocurrency exchanges for days ended in the eye of the cyclone for the rumors about a next block of its activities in Japan.
The warning for Binance arrives
The exchange, one of the world’s foremost and the first for daily transaction volumes, today received officially from the Tokyo regulators, as anticipated by the press rumors, a formal appeal that intends to suspend all the buying and selling operations in the country .
Founded in 2017 by Chinese Zhao Changpeng, a former Bloomberg analyst, Binance had moved its headquarters in Hong Kong last autumn and opened offices in Tokyo to escape the phase of severe repression of the sector initiated by the Beijing government.
Bitcoin without license
The Financial Services Agency, the Japanese Financial Services Supervisory Authority, announced that the platform was operating in violation of national regulations, having not received accreditation from the agency to work with customers in the country.
Despite the popularity gained in its few months of life, it was not in fact on the list of 16 exchanges officially recognized by the Japanese government, which in April last set up the first system of national control of companies that provide services for buying and selling cryptocurrencies.
Already two days ago, the Nikkei newspaper had also provided further details on the reasons behind the FSA’s more rigid attitude towards the operator, which would have irritated Tokyo in particular for its persistent refusal to verify the identities of the customers who open their accounts on the site, without sufficient guarantees then on the prevention of the use of the anonymous purchase of digital currencies for criminal purposes.