Japan's FSA warns crypto exchanges for operating without proper registration and violating fund settlement laws.
In a warning letter released on Friday, Japan's Financial Services Agency said that a number of foreign cryptocurrency exchanges, including Binance, Bybit, MEXC Global and Bitget, have been conducting business in the country without proper registration, violating the nation's fund settlement laws.letter, the FSA stated that the listed exchanges had breached Japan's fund settlement regulations by conducting crypto asset exchange business without proper registration.
The FSA’s action follows a crackdown on unregistered crypto exchanges in the east Asian nation. In 2020, the FSA introduced newexchanges to register with the agency and obtain a license to operate in Japan. Binance being warned by the FSA, signifies the cryptocurrency industry in Japan and other nations is facing greater regulatory scrutiny. The risks associated with unregulated
exchanges, such as fraud, money laundering and market manipulation, are concerning regulators more and moresectors, the country has not cracked down on the industry as hard as some other larger economies such as the US.
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