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Bitcoin fell after one of the world’s largest cryptocurrency exchanges wasgoed said to face a government rebuke for operating without a license ter Japan, heightening concern that enhanced regulatory scrutiny will curb request for digital assets.
Japan’s Financial Services Agency is programma to tell Binance, the trading venue founded by Zhao Changpeng, to zekering operating ter the country without official approval, a person ascendiente with the matter said. Binance has several staff ter Japan and has bot expanding without receiving permission, the person said.
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Bitcoin erased gains after Nikkei very first reported the FSA’s plans, and the cryptocurrency wasgoed trading Two.Two procent lower at $8,700.85 spil of Ten:33 a.m. ter London. Rival coins including Ether and Ripple also dropped.
Governments around the world have bot stepping up scrutiny of cryptocurrencies ter latest months amid worries that they’re facilitating everything from money laundering to tax evasion and fraud. Japan, one of the most active markets for digital assets globally, introduced a licensing system for aparente currency exchanges last year te an effort to improve oversight.
Binance told Bloomberg News ter January that it wasgoed working to acquire a license ter Japan. The exchange is “engaged ter constructive dialogue” with the FSA and has “not received any mandates” from the regulator, Zhao said on Thursday.
To date, the FSA has issued licenses to 16 cryptocurrency exchanges, including bitFlyer Inc. and Quoine. Another 16 were given permission to operate without a license. Among those wasgoed Coincheck Inc., which suffered a $500 million hack te January.
Te the wake of the Coincheck theft, Japanese authorities have pinched down on the industry. Last month, the FSA issued an administrative penalty against Macau-based Blockchain Laboratory Ltd. for providing seminars and providing consultation services te Japan without a license. And this month, it suspended several circunscrito venues for poor security measures.