Binance CEO disputes shutdown reports

Posted: 22 March 2018 4:00 pm

The company is currently in discussion with Japan’s financial regulator and hasn’t received any injunctions.

The world’s largest cryptocurrency exchange, Binance, has rejected reports that Japan’s financial watchdog may ban its operational expansion on the basis that it is has not registered with the regulatory organization.

A report published by The Nikkei claims Japan’s Financial Services Agency (FSA) plans to issue the Hong Kong-based exchange a formal warning notice based on “revised fund settlement laws”, cautioning criminal charges.

“If we do not stop business, we will [issue] criminal charges in collaboration with police authorities etc,” The Nikkei reported. “It is aimed to detect an illegal act by surveillance by an unregistered contractor and to prepare a healthy trading environment of the virtual currency.”

However, soon after the report was released, Binance chief executive Zhao Changpeng took to Twitter to refute the claims, explaining that the company is in discussion with Japan’s FSA and has not received any injunctions.

Japan’s FSA has not released a statement or response. The regulator held a “Blockchain Round-Table” earlier this month, with participation from foreign and local regulatory and supervisory authorities and central banks.

Binance has its headquarters in Hong Kong and was financed through an initial coin offering (ICO) in July 2017 that raised approximately $15 million. Binance is currently ranked as the world’s largest cryptocurrency trading platform, operating a 24-hour volume of approximately $1.8 billion, according to CoinMarketCap’s statistics.

Last week, Binance announced plans to develop a decentralized exchange. Binance Chain is intended to be a public blockchain for trading assets. It will be designed with performance, ease of use and liquidity in mind.

Earlier this month, Binance users voiced concerns online that some of their altcoins had been sold without consent, even though their account security wasn’t compromised. Prior phishing attacks were to blame.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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