Japanese Financial Services Agency issues emergency announcement: Warning that Binance is providing services to the public in Japan without a license

On June 18, the Japanese Financial Services Agency issued a license to the long-awaited Coinbase, bringing the total number of exchanges with legal licenses in Japan to 30. Although the exchange Binance is widely used in the Japanese Yen circle, it does not hold a legal license. Today, on the 25th, the Japanese Financial Services Agency suddenly issued a warning.

Japanese Financial Services Agency Warns Binance for Operating Without License

The Japanese Financial Services Agency issued a brief notice warning unregistered entities in accordance with the laws governing cryptocurrency exchanges.

The entity in question is Binance Holdings Limited, represented by Changpeng Zhao, the founder of Binance. The Financial Services Agency of Japan did not specify Binance's location, but issued a warning to Japanese residents who use Binance's cryptocurrency exchange services online.

According to the regulations, the Financial Services Agency is required to gather evidence against unlicensed entities and may issue warnings or order them to cease operations as necessary:

Japan Has 30 Licensed Entities

There were 18 licensed entities during the Heisei era, and since the Reiwa era began in May 2019, 12 more have obtained licenses.

For a detailed list, please refer to this document.