Binance Receives Formal Warning from Japan, Plans to Move Office in Malta

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Cryptocurrency exchange Binance has received a formal warning from Japan’s Financial Services Agency (FSA) for operating in the country without registering with the regulatory agency as a cryptocurrency trading platform.

In a letter dated March 23 and addressed to Binance CEO Changpeng Zhao, the FSA warned the exchange operator to cease operating in Japan without a license.

The company had said it intends to seek FSA licensure, but it had already moved staff into Tokyo and had allowed Japanese residents to trade on the exchange, which currently only offers cryptocurrency-to-cryptocurrency trading pairs.

Nikkei had reported Thursday that the FSA would issue a formal warning to Binance, a report that Zhao lambasted as “irresponsible journalism” on Twitter.

Zhao confirmed that the exchange had received the FSA’s letter and said that its lawyers are in contact with the FSA and “will find a solution.”

We received a simple letter from JFSA about an hour ago. Our lawyers called JFSA immediately, and will find a solution. Protecting user interests is our top priority.

— CZ (not giving crypto away) (@cz_binance) March 23, 2018

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