Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.
Report – Regulation Bitcoin News
Crypto exchange Binance is reportedly looking to re-enter the Japanese crypto market. The company left Japan four years ago after the country’s financial regulator warned that Binance was operating illegally without a license.
Binance wants to return to Japan
Crypto exchange Binance is seeking a license to return to the Japanese crypto market, four years after leaving the country, Bloomberg reported on Monday, citing people familiar with the matter.
The main reasons behind Binance’s renewed interest in Japan are the Japanese government’s easing of its regulatory approach to crypto and a significant potential for user growth, according to one of the people.
A spokesperson for Binance told the publication that the company is “committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation and move our industry forward.” However, the spokesperson would not comment on specific license applications, noting that “It would be inappropriate to comment on any conversations with regulators.”
Binance left the Japanese crypto market in 2018 after a warning from Japan’s top financial regulator, the Financial Services Agency (FSA), about operating without a license. Last June, Binance received another warning from the FSA, which reiterated that the exchange has provided crypto exchange services to Japanese customers without registration.
After warnings from several regulators that it has been operating illegally without a license, Binance has made regulatory compliance one of its top priorities. The exchange platform previously revealed its plans to become a regulated financial institution.
Recently, Binance established a global advisory board to tackle regulatory challenges. The body is made up of “distinguished experts in public policy, government, finance, economics and corporate governance,” Binance said.
What do you think about Binance wanting to return to the Japanese crypto market? Let us know in the comments section below.
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