[2018-03-23]Regulators to Close Binance in Japan. Binance Moving to EU

[Vladdirescu87]

Regulators to Close Binance in Japan. Binance Moving to EU

If the rumor Nikkei posted is anything to go by, the Japanese Financial Services Agency (FSA) has requested Binance, the largest exchange on the cryptocurrency market, to end its activity. The government authority claims the fintech company is illegal because it has no authority registration.

The latest reports state that Binance has chosen a new country. It is now planning to open an office in Malta and start a “fiat-to-crypto exchange” on the European island nation.

Chief Executive Officer of Binance Zhao Changpeng commented:

“We are very confident we can announce a banking partnership there soon. Malta is very progressive when it comes to crypto and fintech.”

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/regulators-to-close-binance-in-japan/

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[xdrpx]

That's a tough news to hear for Chinese and Japanese investors. I'm just a bit concerned on the procedures for the traders from those countries, once Binance moves it's servers and headquarters to Malta. Would investors be cautioned by the Government to not trade on the exchange as it would now be a foreign hosted exchange? The only reason I'm a bit confused on this matter is because China has imposed certain restrictions recently on traders to trade on foreign exchanges along with the ICO's ban. I'm sure Binance will find a good number of investors in the European region.

Also, I'm hoping that with their move, now they can focus more on the Decentralized exchange platform that they had announced earlier (https://www.ccn.com/crypto-trading-giant-binance-to-launch-decentralized-exchange-and-public-blockchain/) with less pressure from Governing bodies.

Here's also the post on twitter from Changpeng Zhao (CZ) about Japan FSA sending them a letter warning them to comply with the licensing of their operations?  - https://twitter.com/cz_binance/status/976997061156519937

[Alex077]

Regulators to Close Binance in Japan. Binance Moving to EU

If the rumor Nikkei posted is anything to go by, the Japanese Financial Services Agency (FSA) has requested Binance, the largest exchange on the cryptocurrency market, to end its activity. The government authority claims the fintech company is illegal because it has no authority registration.....

The news are very contradictory. Binance CEO Zhao Changpeng  said he didn’t received warnings from FSA. And Japan with Malta are quite far from each other, it's completely different regions and these events are hardly related.

,,Nikkei showed irresponsible journalism. We are in constructive dialogs with Japan FSA, and have not received any mandates. It does not make sense for JFSA to tell a newspaper before telling us, while we have an active dialog going on with them.,, - @cz_binance

[RamonBTC]

From the word “rumors” seems to be suspicious when binance CEO itself are not giving out such details or affirm of such regulatory compliance from Japanese Government. It can be a case of bad news spreading again to lower the prices on crypto coin under Binance. This is a matter of fact my concern than any truthfulness of this issue.

[davis196]

From the word “rumors” seems to be suspicious when binance CEO itself are not giving out such details or affirm of such regulatory compliance from Japanese Government. It can be a case of bad news spreading again to lower the prices on crypto coin under Binance. This is a matter of fact my concern than any truthfulness of this issue.

If this is really true,the Binance CEO would try to hide or at least deny this information for a while,in order to avoid major cryptocurrency price crash and panic across the Binance traders.This is just rumors,but if it`s true,I don`t think that this is bad news at all.Small countries ,like Malta can be more crypto friendly and open to new innovations.

[jjacob]

It is important that Binance finds an area from where it can reliably operate. It has grown in volumes to become one of the 2 largest crypto exchanges in the world. If it has to constantly change its base location, that doesn't reflect too favourably on the cryptocurrency space.
If the government in Malta is supportive, then the Company could focus on things which matter more, like security. The misuse of APIs last month created a scare.

[iram1011]

The article itself started with the word "RUMOR". I hate when journalist make a fuss out of nothing.

If there is a registration problem with Binance in Japan, then they might look for the valid registration and can go on legally in Japan itself. Japan had been welcoming to fintech firms. It is stated in the article only that the FSA has given 16 licenses to digital currency exchanges. With Binance being the topmost, it won't have a problem with license approval. They might weren't registered before, but that issue can be verywell resolved. Regarding shifting to Malta, that ain't a big deal for a cryptocurrency exchange as big as Binance. But that might halt the operations for a period and they will try to avoid it. Shifting to Malta is a worst case scenario.

[InvoKing]

The article itself started with the word "RUMOR". I hate when journalist make a fuss out of nothing.

Many pseudo journalist try to make the buzz by posting everything even before verifying whether the information is correct or not. The problem is that they don't get suspended or fined for their harmful action in most cases...

If there is a registration problem with Binance in Japan, then they might look for the valid registration and can go on legally in Japan itself. Japan had been welcoming to fintech firms. It is stated in the article only that the FSA has given 16 licenses to digital currency exchanges. With Binance being the topmost, it won't have a problem with license approval. They might weren't registered before, but that issue can be verywell resolved. Regarding shifting to Malta, that ain't a big deal for a cryptocurrency exchange as big as Binance. But that might halt the operations for a period and they will try to avoid it. Shifting to Malta is a worst case scenario.

That's what I am actually seeking, why they can't make a valid registration like the others?

[orions.belt19]

From the word “rumors” seems to be suspicious when binance CEO itself are not giving out such details or affirm of such regulatory compliance from Japanese Government. It can be a case of bad news spreading again to lower the prices on crypto coin under Binance. This is a matter of fact my concern than any truthfulness of this issue.

If this is really true,the Binance CEO would try to hide or at least deny this information for a while,in order to avoid major cryptocurrency price crash and panic across the Binance traders.This is just rumors,but if it`s true,I don`t think that this is bad news at all.Small countries ,like Malta can be more crypto friendly and open to new innovations.

There’s no way for the CEO to deny or hide the information for the sake of their image. They must release a public statement if this were true and they were to really do so. There may be no verification of the said news yet because it is just a “rumor” however this would be most unfortunate for the japanese investors. Before forcing to close Binance, Japan should have at least given them a chance to comply with the required registration and licenses.

[darkangel11]

I'm curious to see how this will end up, because both Binance and Nikkei are contradicting one another.
I actually believe that Binance might be trying to move because it's a known fact that they were operating in Japan without a license and somehow they can't obtain it just like that. If they could they would've done it long ago and not risk legal actions and disruption of service. It looks like they are not being honest with us, which is a bad sign for any company, especially a company their size.

[prehisto]

Seems like this is still just a rumor and nothing new.

Nevertheless i dont think that Binance will be forced to go away from the region since Japan have registered and given out license for other exchanges, they may be forced to change something regarding their security and KYC procedures or even token listings but i doubt that it will come to running away.

[MaydayMayday]

Binance will be fine anyway, I think

[lotfiuser]

moving to europe doesnt change it they need to get legal by authorithy or they will be jailed as payza they ned to change there idea on legaliz time to get out my money from binance as they can get banned at any minute

[seven7seven]

Hope it will not affect the market in a huge way. Binance is too cool to stop operating after this

[bman01]

If the rumor Nikkei posted is anything to go by, the Japanese Financial Services Agency (FSA) has requested Binance, the largest exchange on the cryptocurrency market, to end its activity. The government authority claims the fintech company is illegal because it has no authority registration. The Settlement Law of 2005 states that trading is allowed only for those businesses which are applying or already registered officially in Japan. However, Nikkei reported that many unregistered entities were actively operating there.

[veleten]

this is strange,Japan basically,shooting itself in the foot
they were proclaimed the next bitcoin heaven being one of the few countries that legalised bitcoins
and now this precedent with one of the largest exchanges in the wold moving to Europe
no idea what is going on behind the scenes,but this not a good move by the goverment
maybe try to compromise rather than blatantly prohibit

[CryptoBry]

Regulators to Close Binance in Japan. Binance Moving to EU

If the rumor Nikkei posted is anything to go by, the Japanese Financial Services Agency (FSA) has requested Binance, the largest exchange on the cryptocurrency market, to end its activity. The government authority claims the fintech company is illegal because it has no authority registration.....

The news are very contradictory. Binance CEO Zhao Changpeng  said he didn’t received warnings from FSA. And Japan with Malta are quite far from each other, it's completely different regions and these events are hardly related.

,,Nikkei showed irresponsible journalism. We are in constructive dialogs with Japan FSA, and have not received any mandates. It does not make sense for JFSA to tell a newspaper before telling us, while we have an active dialog going on with them.,, - @cz_binance

That news of closure can just be based on speculation and not on fact or a definite pronouncement from an authorized government official. We have to wait for the final announcement on the whole concern as this can certainly affect Binance though the move to Malta can be a welcomed one. Malta is really known to be friendlier to cryptocurrency industry.

[Kronos21]

this is strange,Japan basically,shooting itself in the foot
they were proclaimed the next bitcoin heaven being one of the few countries that legalised bitcoins
and now this precedent with one of the largest exchanges in the wold moving to Europe
no idea what is going on behind the scenes,butthis not a good move by the goverment
maybe try to compromise rather than blatantly prohibit

There is nothing surprising. Japan supports the use of cryptocurrencies but only at the local level. Try to pass verification on the Japanese exchange if you have a passport of a citizen of another country! Binance wants to provide an opportunity for all to have access to Vietnam pairs. It will be the best stock exchange in the world.

[veleten]

this is strange,Japan basically,shooting itself in the foot
they were proclaimed the next bitcoin heaven being one of the few countries that legalised bitcoins
and now this precedent with one of the largest exchanges in the wold moving to Europe
no idea what is going on behind the scenes,butthis not a good move by the goverment
maybe try to compromise rather than blatantly prohibit

There is nothing surprising. Japan supports the use of cryptocurrencies but only at the local level. Try to pass verification on the Japanese exchange if you have a passport of a citizen of another country! Binance wants to provide an opportunity for all to have access to Vietnam pairs. It will be the best stock exchange in the world.

not a japanese citizen,but what difference does it make for an international exchange verificationwise?
maybe there are some really stringent KYC rules in place and that was the cause of the move
Binance is a very good exchange,huge potential,hundreds of thousands customers joining
and them moving away from Japan will hurt the country more than the exchange,I am sure about it

[TheQuin]

not a japanese citizen,but what difference does it make for an international exchange verificationwise?
maybe there are some really stringent KYC rules in place and that was the cause of the move
Binance is a very good exchange,huge potential,hundreds of thousands customers joining
and them moving away from Japan will hurt the country more than the exchange,I am sure about it

I think a lot of this is actually about where an exchange is located. It must obey local laws of any country it has a physical presence in. The original story was that they were going to be shut down for operating in Japan without a licence but that has been refuted by Changpeng Zhao, Binance CEO who just says that they are in dialogue with the authority. They have been expanding and I think opening new offices elsewhere (Taiwan and Malta soon) has been misread as meaning they are leaving Japan.

https://thenextweb.com/hardfork/2018/03/22/binance-cryptocurrency-japan-operation/