As per source familiar to the plans of FSA, Binance received the warning as it was expanding its operations in Japan without taking prior approval from the agency.
The Financial Service Agency has cracked the whip on seven exchanges for failing to comply with anti-money laundering and security procedures.
Following a recent hack resulted into $533 million-worth theft of the NEM token from Coincheck, a group of 16 registered Japanese cryptocurrency exchanges joins forces to establish a self-regulatory body in April.
Major hack in Japan has become a reason of considering a necessity to create a new entity that will regulate the cryptocurrency industry in the country.
South Korean authorities are taking help from their Japanese and Chinese counterparts to establish new rules for cryptocurrency trading.
Japan’s financial watchdog announced its plans to monitor virtual currency exchanges operating in the country.
Starting today, Bic Camera and Recruit Lifestyle will cooperate with bitcoin exchanges to add cryptocurrency payment option.
Virtual currencies become recognized as asset-like values while all cryptocurrency exchanges need obligatory registration with the Financial Services Agency.
The Financial Services Agency will soon present its plan to recognize bitcoin as fulfilling the functions of currency while the problem of bitcoin taxation remains unsolved and hotly debated.
The Financial Services Agency is planning to register all exchanges and companies dealing with virtual currencies for better control.