Binance, a crypto exchange, is said to be looking at reentering the Japanese cryptocurrency market. The company exited Japan four years ago after the country’s financial regulator warned that Binance was operating illegally without a license.
Binance Returns to Japan
Bloomberg Monday reported that Binance, the crypto-exchange, is applying for a license to return the Japanese market to its original state, after having left it four years ago.
The key reasons behind Binance’s renewed interest in Japan are the Japanese government’s easing regulatory approach to crypto and substantial potential for user growth, according to one of the people.
A spokesperson for Binance told the publication that the company is “committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation, and move our industry forward.” However, the spokesperson would not comment on specific license applications, noting that “It would be inappropriate to comment on any conversations with regulators.”
Binance exited the Japanese crypto market in 2018 following a warning by Japan’s top financial regulator, the Financial Services Agency (FSA), about operating without a license. Binance received another warning in June 2017 from the FSA, stating that it had been offering crypto exchange services without registration to Japanese customers.
Binance’s top priority is regulatory compliance after being warned by multiple regulators it was illegally operating without a licence. Binance had previously stated its intentions to register as a financial institution.
Binance recently established a global advisory panel to address regulatory issues. The body is comprised of “distinguished experts in public policy, government, finance, economics, and corporate governance,” Binance detailed.
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