The Japanese financial regulator has threatened the crypto exchange Binance with expulsion. The reason for this is a missing but necessary license. First, the CEO denied this announcement, but now announces a far-reaching countermeasure.
According to the Japanese business paper Nikkei, the FSA is said to have threatened Binance with an expulsion because of unlicensed activities. The Bitcoin News reported the allegations. The authority sees a danger for Japanese investors. Following the attack on Coincheck, the FSA tightened controls on Japan’s crypto exchanges. In January, NEM worth 58 quadrillion yen lost. The Crypo exchange is already in discussion with the authorities about a possible licensing. However, both an official statement by the FSA and a direct warning to the Binance employees were missing so far. Accordingly, Binance CEO Changpeng Zhao criticized Nikkei’s coverage. These are based on no basis:
“It does not make sense for the Japanese FSA to tell a newspaper about it before they tell us while we have an active dialogue with them.”
A little later, however, Zhao announced via Twitter that Binance has now received the warning from the FSA. The lawyers are trying to find a solution. The protection of user interests would come first.
We received a simple letter from JFSA about an hour ago. Our lawyers called JFSA immediately, and will find a solution. Protecting user interests is our top priority.
— CZ (not giving crypto away) (@cz_binance) March 23, 2018
It is unclear whether Nikkei had actually received the information about the FSA warning before Binance. Maybe the crypto exchange is only now, to have been warned.
Binance office in Malta.
According to Bloomberg, the crypto exchange is now going one step further – a good 10,000 km long step. Instead of continuing to discuss with the Japanese FSA, the crypto exchange wants to open an office in Malta. There they receive you with open arms. So the Maltese Prime Minister Joseph Muscat tweeted a welcoming welcome:
Welcome to #Malta ?? @binance. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies -JM @SilvioSchembri https://t.co/3qtAQjOpuQ
— Joseph Muscat (@JosephMuscat_JM) March 23, 2018
While Zhao continues to hold talks with the Hong Kong authorities, where the Exchange is headquartered. But how these are going out is still uncertain. Malta, on the other hand, is pleased about the powerful cryptographic growth. Binance is currently one of the largest crypto exchanges in the world in terms of trading volume. The southern European island state is ambitious to become a major investment destination for digital assets. The planned regulations of Malta for Blockchain companies and ICOs want to make it accordingly inviting.
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