Japan’s top securities regulator will warn cryptocurrency exchange Binance that it must cease operating in the country without a license or face enforcement action. Citing a person familiar with the matter, Nikkei reports that Japan’s Financial Services Agency (FSA) will issue a formal warning to Binance, which has allegedly begun expanding operations into Japan without permission from the regulatory agency.
Headquartered in Hong Kong and bootstrapped through an initial coin offering (ICO) last year, Binance has quickly emerged as one of the world’s most popular cryptocurrency exchanges. At present, Binance ranks as the world’s largest cryptocurrency trading platform, with a 24-hour volume of nearly $1.9 billion.
Binance has its own utility token — BNB — and the exchange operator has announced that it has begun development on its own public blockchain, which will be used as the foundation for a decentralized exchange (DEX). The BNB price fell by approximately 10 percent from its intraday high following the initial report, although its 24-hour performance is still in positive territory.