Crypto exchange Binance is reportedly looking to re-enter the Japanese crypto market. The company left Japan four years ago after the country’s financial regulator warned that Binance was operating illegally without a license.
Binance wants to return to Japan
Crypto exchange Binance is seeking permission to return to the Japanese crypto market, four years after exiting the country, Bloomberg reported on Monday, citing people familiar with the matter.
Key reasons for Binance’s renewed interest in Japan are the Japanese government’s easing of its regulatory approach to crypto and the high potential for user growth, one of the sources said.
A Binance spokesperson told the publication that the company is “committed to working with regulators and policymakers to formulate policies that protect consumers, encourage innovation and move our industry forward.” However, a spokesman declined to comment on specific license applications, saying it was “not appropriate to comment on any discussions with regulators”.
Binance pulled out of Japan’s crypto market in 2018 following warnings from Japan’s top financial regulator, the Financial Services Agency (FSA), about operating without a license. In June of last year, Binance received another warning from the FSA, which reiterated that the exchange was offering crypto exchange services without registration to Japanese customers.
Following warnings from several regulators that it was operating illegally without a license, Binance has made regulatory compliance one of its top priorities. The exchange platform has already shown its plan to become a regulated financial institution.
Recently, Binance established an international advisory board to address regulatory issues. The body is “composed of experts in public policy, government, finance, economics and corporate governance,” Binance lists.
What do you think about Binance returning to the Japanese crypto market? Let us know in the comments section below.
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