Receive all Bitcoinist news in Telegram!JOIN
Bitcoinist.com Logo $8742.44 $541.23 $0.83
BITCOIN PRICE FALLS AS MARKETS REACT TO (FALSE) JAPAN BINANCE THREAT [UPDATED]
WILMA WOO · MARCH 22, 2018 · 7:30 AM
BITCOINBITCOIN BUSINESSESBITCOIN PRICENEWSNEWS TEASER
Bitcoin fell $500 in hours to hit two-day lows March 22 after news broke Japanese regulators may ban the world’s largest cryptocurrency exchange, Binance.
CO-FOUNDER YE NOT CONCERNED
UPDATE: Binance CEO Changpeng Zhao has responded to the news on Twitter stating that the source showed “irresponsible journalism” as the crypto exchange is currently in “constructive talks” with the FSA and did not receive any mandates so far.
Original article:
According to local news outlet Nikkei, Japan’s Financial Services Authority (FSA) is “investigating” Binance for operating without registration.
Should these operations not stop, the report states, the FSA will instigate “criminal charges” in collaboration with law enforcement.
The news appeared to have an almost instant effect on cryptocurrency markets, BTC/USD dropping below $9000 and continuing to head towards $8500 – its lowest levels since March 20.
While Binance has yet to provide official correspondence on the matter, co-founder He Yi poured cold water on the FSA’s threats, reportedly telling consumers they had nothing to worry about and that there were no official outposts of the company on Japan’s territory.
ANONYMITY ‘IRKED’ REGULATORS
The Hong Kong based exchange had applied for a licence to operate in Japan in January, as part of a scheme begun in April 2017 which has so far delivered 16 licensed exchanges.
Following domestic exchange Coincheck’s half-trillion dollar hack in January, the FSA stepped up rigorous inspections of remaining exchanges, demanding transparency to ensure no repeat of the Coincheck fiasco, which is ongoing, occurred.
Binance “has irked the FSA by failing to verify the identification of Japanese investors at the time accounts are opened,” Nikkei Asian Review meanwhile continues.
The Japanese officials suspect Binance does not have effective measures to prevent money laundering; the exchange handles a number of virtual currencies that are traded anonymously.
The comments mirror those of authorities in South Korea, who hastily instigated an anonymous trading ban at the end of January.
What do you think about Binance’s regulatory problems in Japan? Let us know in the comments below!
Images courtesy of Shutterstock, Twitter
BINANCEBITCOIN PRICEEXCHANGESJAPANREGULATIONS
SHOW COMMENTS
BitcoinAltcoinBlockchain
BITCOIN PRICE FALLS AS MARKETS REACT TO (FALSE) JAPAN BINANCE THREAT [UPDATED]
BITCOIN’S VOLATILITY LURES MULTI-TRILLION DOLLAR TRADER JANE STREET CAPITAL
CAPITALISE LAUNCHES BETA GROUP FOR TRANSLATING PLAIN TEXT ENGLISH TO CRYPTO TRADING BOTS
ALTCOIN BEAR MARKET ‘OVER’, BITCOIN ‘LESS MISERABLE,’ TOM LEE DECLARES
HONG KONG AUTHORITY HALTS ICO OVER REGULATORY CONCERNS
CEDEX PRE-SALE SHINES BRIGHT LIKE A DIAMOND AND RAISES $20M IN FOUR HOURS
CAPITALISE LAUNCHES BETA GROUP FOR TRANSLATING PLAIN TEXT ENGLISH TO CRYPTO TRADING BOTS
ALTCOIN BEAR MARKET ‘OVER’, BITCOIN ‘LESS MISERABLE,’ TOM LEE DECLARES
FACEBOOK FALLOUT HIGHLIGHTS IMPORTANCE OF BLOCKCHAIN TECHNOLOGY
CEDEX PRE-SALE SHINES BRIGHT LIKE A DIAMOND AND RAISES $20M IN FOUR HOURS
CHINESE STOCK EXCHANGE CRACKS DOWN ON BLOCKCHAIN CLAIMS
JIM PREISSLER – CEO OF TRADE.IO JOINS ZEROCOIN – CRYPTO CURRENCY FOR GAMBLING AS AN ADVISOR
NEWSLETTER SUBSCRIBE
For updates and exclusive offers
enter your email below.
BUY BITCOINS
FEATURED COMPANIES
PAYMENT GATEWAY
FOREX
EXCHANGES
CASINOS
ADVERTISING
FOLLOW US
20.3K
LIKE
38.2K
FOLLOWER
304
FOLLOWER
ADVERTISING
PRESS RELEASES
COINTAL LAUNCHES UNITY FOR BUYING ALL CRYPTOCURRENCIES WITH CREDIT / DEBIT CARD
ALAX AND GIONEE PARTNERSHIP BRINGS MOBILE GAMING TO OVER 40 MILLION USERS ACROSS 50 COUNTRIES
“IF ONLY I’D INVESTED IN EBAY…” THERE’S NOW A SECOND CHANCE, WITH THE ‘NEW EBAY OF THE CRYPTOWORLD’ – KEYRPTO’S ICO IS NOW LIVE
ETICKET4 ENTERS ASIA-PACIFIC REGION, BEGINS SELLING TICKETS FOR THE KATY PERRY’S SHOW IN SINGAPORE, AND EXTENDS ICO UNTIL APRIL 6TH.
7 DAYS UNTIL INTIMATE TOKEN PRE-SALE ENDS
SUBMIT A PRESS RELEASE
ADVERTISING
logo
ABOUT US
CONTACT US
EDITORIAL POLICY
SITEMAP
JOBS
FORUM
ADVERTISE
© 2018 Bitcoinist.com. All Rights Reserved.
