Japan sends strong warning to Binance for its lack of government license 

Financial Services Agency (FSA), Japan’s authority in overseas banking, insurance, and securities exchange has recently sent a follow-up warning on Binance for its unauthorized operation in the country. 

In the latest warning sent to the cryptocurrency exchange company, the letter said that Binance, even with the government’s previous effort to warn it, has continued its unauthorized crypto exchange services for the Japanese. 

Binance, according to FSA, doesn’t possess any proper registration to provide a crypto service in the country. The first warning on Binance was sent in 2018, saying that criminal charges could be filed against the company if it continues its crypto operations in the country. 

Relocating

Binance responded by simply moving its headquarters from Japan to Malta and reiterated that it wasn’t providing any direct crypto exchange for the Japanese. 

But simple cross-checking counters this claim as Binance’s Japanese online portal and its new registration area’s IP address were proven to be accessible in Japan. 

Binance’s current legal entanglements with the Japanese government are not its first squabble with the authorities. 

Last May, through the collaborative efforts of Chainalysis, a blockchain forensic company, the U.S. Justice department and Internal Revenue Service, strong evidence was found that the majority of criminal-related funds have passed through Binance. 

Crypto investigation

This has prompted the United States Department of Justice to launch an investigation on the cryptocurrency exchange to find out if major negligence was committed by the company. 

The U.S. government presumes that the crypto platform was used to execute illegal transactions such as purchasing drugs, stolen properties, and illegal guns. 

Regulators in Hong Kong, Germany, United Kingdom, and European Union have also started their investigations on the alleged violations of Binance. 

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Source: https://bitcoinerx.com/bitcoin/japan-sends-strong-warning-to-binance-for-its-lack-of-government-license/