Binance cryptocurrency exchange risks criminal charges or face criminal charges: Directed by Japan's Financial Services Agency
Binance confirms receipt of the warning from FSA; no decision has been on the next step forward.
The regulatory authority says Binance is trading cryptocurrencies that have extremely high anonymity capabilities.
The Financial Services Agency in Japan has today issued a directive to the largest cryptocurrency exchange in the world, Binance to either halts operations in the country or risk facing crinal charges. Binance has been operating in the country without a license and the efforts to secure one from FSA have been rendered futile since according to a statement from the CEO of Binance, Changpeng Zhao.
The FSA cites reasons for verification of users not being done according to FAS guidelines. On the other hand, the exchange is also blamed for trading assets that promote anonymity and privacy. An official at FSA said, “does not have effective measures to prevent money laundering; the exchange handles a number of virtual currencies that are traded anonymously.”
Consequently, FSA is expected to work with security departments in the country if Binance does not comply. A technical support at Binance exchange has confirmed receipt of the warning but no decision has been made so far.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
