Binance To Introduce New Restrictions For Residents Of Japan

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
Binance To Introduce New Restrictions For Residents Of Japan

  • Binance says that it would restrict the services which it has been providing in Japan.
  • The FSA or the Financial Services Agency of Japan in March 2018, gave an official warning to  Binance for it did not have a national exchange license.
  • The SEC is an independent agency of the US which is responsible for protecting the rights and interests of the investors.

Binance Global Crypto exchange, which is a platform for trading across more than 100 cryptocurrencies, is considered to be one of the largest of all exchange platforms in the world in terms of the trading volume. Founded in 2017, the firm headed by Changpeng Zhao, who is the CEO.

Recently, on January 15, this year, Binance says that it would restrict the services which it has been providing in Japan. This would mean that people would not be able to benefit the platform for trading purposes.

Though this announcement made, it has yet not implemented. This means that the people so far could, would be able to practise their trading on the platform and the country of the rising sun would benefit the services of Binance.

As of now, the company states that further announcements would make regarding the decision would allow us to a better understanding of the report.

The FSA or the Financial Services Agency of Japan in March 2018, gave an official warning to  Binance for it did not have a national exchange license.

This is a license which is a securities exchange that had registered under the guidelines of SEC. The SEC is an independent agency of the US which is responsible for protecting the rights and interests of the investors. Binance after having a warning from FSA later shifted to Malta.

Also, the competitors of the exchange firm such as Huobi and Bitbox registered themselves with FSA in 2019. Huobi considered being another safe platform for trading of Cryptos.

Bitbox is also such a platform. In April 2018, the American Kraken exchange also had to restrict the Japanese from accessing as they forced to do so.

Later on, these services also ceased, which is something expected to happen to Binance as well. Let us hope for the best and let us stay updated as the announcement gets further advancement.

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