Skip to main content

Regulators in UK, Japan Issue Warnings on Binance Amid Crackdown on Unauthorized Crypto Exchanges

Regulators in UK, Japan Issue Warnings on Binance Amid Crackdown on Unauthorized Crypto Exchanges

Top financial regulators in England and Japan have independently issued warnings on Binance for offering crypto exchange services to residents of the two countries without being registered with the regulators as required by law.

Japanese Regulator’s Warning

  • Japan’s top financial regulator, the Financial Services Agency (FSA), issued a warning notice to Binance Holdings Ltd. and CEO Changpeng Zhao on Friday.
  • The notice states that Binance has been providing crypto exchange services to Japanese customers without registration.
  • Under Japanese cryptocurrency regulation, companies wanting to provide crypto exchange services in Japan must register with the FSA.
  • This was not the first time Binance received such notice from the FSA. The regulator issued the same warning to Binance in March 2018.
  • In May, the FSA issued a similar warning to Bybit Fintech Ltd. and its CEO, Ben Zhou.

British Regulator’s Warning

  • Britain’s financial regulator, the Financial Conduct Authority (FCA), issued a consumer warning on Binance Saturday.
  • The FCA states: “Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA … This firm is part of a wider group (Binance Group) … The Binance Group appears to be offering UK customers a range of products and services via a website, Binance.com.”
  • The FCA emphasized: “No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK.”
  • Binance is not the only firm offering crypto exchange services to UK customers without registering with the financial authority. The regulator said:

Most firms advertising and selling investments in cryptoassets are not authorised by the FCA.

What do you think about the warnings on Binance by the two countries’ regulators? Let us know in the comments section below.



from Bitcoin News https://ift.tt/3AektaO
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more