And I think the Coincheck hack really is an eye opener for them, that's why they have at least slow down approving exchanges unless they thoroughly inspects and see that everything is in the proper order.
Japan has become way harsher with its regulations than necessary, which is a good thing on one hand, because we know how too many unregulated shitcoin exchanges only lead to more scams and losses.
On the other hand, it really looks like their partly 'self regulating' system helps the main exchanges in the country to exercise control over what exchanges to approve and what exchanges to reject.
I still find it odd that Binance chose to leave Japan instead of registering itself there. Is Binance too much of a threat and for that reason not granted a registration, or is there something else?