The leading financial regulators in England and Japan have issued warnings independently of Binance that they are offering crypto exchange services to residents of the two countries without being registered with regulators as required by law.
Japanese regulator warning
- Japan’s leading financial regulator, the Financial Services Agency (FSA), issued a warning to Binance Holdings Ltd. on Friday. and CEO Changpeng Zhao.
- The announcement states that Binance is offering non-registration crypto exchange services to Japanese customers.
- According to Japanese cryptocurrency regulation, companies wishing to offer crypto exchange services in Japan must register with the FSA.
- This wasn’t the first time Binance had received such a 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 their CEO Ben Zhou.
UK regulator warning
- The UK’s Financial Conduct Authority (FCA) issued a consumer warning on Binance on Saturday.
- The FCA states: “Binance Markets Limited is not currently authorized to conduct regulated activities without the prior written consent of the FCA … This company is part of a larger group (Binance Group) … The Binance Group appears to offer a range of products and services to UK customers through a website, Binance.com. “
- The FCA emphasized, “No other Binance Group company has any form of UK authorization, registration or license to conduct regulated activities in the UK.”
- Binance isn’t the only company offering crypto exchange services to UK customers without registering with the tax authority. The regulator said:
Most of the firms that promote and sell crypto asset investments are not authorized by the FCA.
What do you think of the warnings from both countries’ regulators about Binance? Let us know in the comment section below.
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