Japan FSA warns Binance again about unlicensed operations

The Japanese Financial Services Agency (FSA) has issued another warning to trade Binance for operation in the country without a license.

The final warning was given on Friday (June 25), stating that Binance continues to offer cryptocurrency services as an exchange without properly registering with the FSA. This is the second warning for Binance, similar to the one the FSA sent to Bybit in May.

In the first warning to Binance in 2018, the FSA mentioned that continuing without approval could result in criminal charges for those involved. Binance’s answer was only to move its headquarters from Japan to Malta. In the meantime, Binance insists that it is not currently conducting any trading activities in Japan, nor is it targeting Japanese nationals. Despite this statement, domestic IP addresses can still access Binance’s Japanese website and register new users.

Japan was one of the first countries in the world to properly register crypto exchanges with the FSA.

Binance is under global observation

While this is the second warning from the FSA, Binance is no stranger to such warnings from the authorities. In May, the US Department of Justice (DOJ) and the Internal Revenue Service (IRS) announced that they were investigating Binance. The investigation came after the blockchain forensics company Chainalysis, together with the DOJ and the IRS, published the results of a study on Binance. The report shows that a large amount of money related to criminal activity is being transferred through Binance, more than any other single exchange in the world.

This is a major cause for concern among investigators and officials as it is widely believed that many of these activities not only hide illegal transactions but also evade taxes. The illegal transactions in question are most likely illegal arms, drug or stolen property deals. Binance has also been criticized by officials in the United States for allegedly accepting clients from derivatives trading.

European regulators also investigated Binance for its token launch earlier this year. Regulators check that the tokens comply with the company’s rules on transparency and disclosure.

In addition, Binance’s operations in Hong Kong, Germany and the UK have also been accused of being unlicensed or suspicious. Binance ensures that it always complies with the regulations of all legal systems in which it operates.

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According to BeinCrypto

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