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Japanese Regulator Warns Major Cryptocurrency Exchange For Operating Without A License

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  • Japan’s Financial Services Agency puts Hong Kong-based exchange Binance on notice about operating without a license for a virtual currency exchange.
  • Binance CEO Changpeng Zhao confirms receipt of the warning, tweeting: “Our lawyers called JFSA immediately, and will find a solution.”
  • Bitcoin traded 3.4 percent lower near $8,417, according to CoinDesk.

Japan’s Financial Services Agency issued a warning Friday to major cryptocurrency exchange Binance for operating without registration in the country.

Hong Kong-based Binance was operating in Japan through the internet without a license for a virtual currency exchange, according to a Google translation of the Japanese-language statement.

Bitcoin traded 3.4 percent lower near $8,417, according to CoinDesk at 10:20 a.m. ET.

Japanese authorities recognized bitcoin as legal tender last April and require cryptocurrency exchanges to register with the government. Sixteen exchanges have done so, March 7, the Japanese Financial Services Agency said.

Binance CEO Changpeng Zhao confirmed receipt of the warning, tweeting: “Our lawyers called JFSA immediately, and will find a solution.”It was not clear whether Binance was still operating in Japan, and Zhao did not respond to a CNBC request for comment. Zhao said in a Bloomberg report that the company tried to get a license in Japan but has decided to remove its staff from its office.

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