Topic: [2018-03-22] BTC Price Falls as Markets React to (False) Japan Binance Thread - page 2. (Read 236 times)
March 22, 2018, 02:34:17 PM
Why should the price of bitcoin decline due to the problems of one exchange? I think that the owners of bitcoin could easily leave the stock market and instantly transfer funds to other sites. This will not affect the price of bitcoin in any way. This will create problems for only one exchange.
March 22, 2018, 02:09:05 PM
Hello everyone! I don't think that's why the price fell.Does one exchange may affect the market much?
The price fall might be caused by announcement, in which FSA threatened to close Binance. But the market is still unpredictable and fearful, so this news was acquired as real exchange close.
If it will be the last one bad news, the price of cryptocurrency will quickly recover and even start to grow.
March 22, 2018, 10:02:14 AM
Hello everyone! I don't think that's why the price fell.Does one exchange may affect the market much?
March 22, 2018, 06:46:15 AM
Bitcoin fell $500 in hours to hit two-day lows March 22 after news broke Japanese regulators may ban the world’s largest cryptocurrency exchange, Binance.
CO-FOUNDER YE NOT CONCERNED
UPDATE: Binance CEO Changpeng Zhao has responded to the news on Twitter stating that the source showed “irresponsible journalism” as the crypto exchange is currently in “constructive talks” with the FSA and did not receive any mandates so far.
Original article:
According to local news outlet Nikkei, Japan’s Financial Services Authority (FSA) is “investigating” Binance for operating without registration.
Should these operations not stop, the report states, the FSA will instigate “criminal charges” in collaboration with law enforcement.
The news appeared to have an almost instant effect on cryptocurrency markets, BTC/USD dropping below $9000 and continuing to head towards $8500 – its lowest levels since March 20.
While Binance has yet to provide official correspondence on the matter, co-founder He Yi poured cold water on the FSA’s threats, reportedly telling consumers they had nothing to worry about and that there were no official outposts of the company on Japan’s territory.
ANONYMITY ‘IRKED’ REGULATORS
The Hong Kong based exchange had applied for a licence to operate in Japan in January, as part of a scheme begun in April 2017 which has so far delivered 16 licensed exchanges.
Following domestic exchange Coincheck’s half-trillion dollar hack in January, the FSA stepped up rigorous inspections of remaining exchanges, demanding transparency to ensure no repeat of the Coincheck fiasco, which is ongoing, occurred.
Binance “has irked the FSA by failing to verify the identification of Japanese investors at the time accounts are opened,” Nikkei Asian Review meanwhile continues.
"The Japanese officials suspect Binance does not have effective measures to prevent money laundering; the exchange handles a number of virtual currencies that are traded anonymously."
The comments mirror those of authorities in South Korea, who hastily instigated an anonymous trading ban at the end of January.
Source: http://bitcoinist.com/bitcoin-price-japan-binance-threat/
CO-FOUNDER YE NOT CONCERNED
UPDATE: Binance CEO Changpeng Zhao has responded to the news on Twitter stating that the source showed “irresponsible journalism” as the crypto exchange is currently in “constructive talks” with the FSA and did not receive any mandates so far.
Original article:
According to local news outlet Nikkei, Japan’s Financial Services Authority (FSA) is “investigating” Binance for operating without registration.
Should these operations not stop, the report states, the FSA will instigate “criminal charges” in collaboration with law enforcement.
The news appeared to have an almost instant effect on cryptocurrency markets, BTC/USD dropping below $9000 and continuing to head towards $8500 – its lowest levels since March 20.
While Binance has yet to provide official correspondence on the matter, co-founder He Yi poured cold water on the FSA’s threats, reportedly telling consumers they had nothing to worry about and that there were no official outposts of the company on Japan’s territory.
ANONYMITY ‘IRKED’ REGULATORS
The Hong Kong based exchange had applied for a licence to operate in Japan in January, as part of a scheme begun in April 2017 which has so far delivered 16 licensed exchanges.
Following domestic exchange Coincheck’s half-trillion dollar hack in January, the FSA stepped up rigorous inspections of remaining exchanges, demanding transparency to ensure no repeat of the Coincheck fiasco, which is ongoing, occurred.
Binance “has irked the FSA by failing to verify the identification of Japanese investors at the time accounts are opened,” Nikkei Asian Review meanwhile continues.
"The Japanese officials suspect Binance does not have effective measures to prevent money laundering; the exchange handles a number of virtual currencies that are traded anonymously."
The comments mirror those of authorities in South Korea, who hastily instigated an anonymous trading ban at the end of January.
Source: http://bitcoinist.com/bitcoin-price-japan-binance-threat/
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