Japan's Financial Services Agency issued a warning Friday to major cryptocurrency exchange Binance for operating without registration in the country.
Hong Kong-based Binance was operating in Japan through the internet without a license for a virtual currency exchange, according to a Google translation of the Japanese-language statement.
At the same day Binance CEO Changpeng Zhao, known in the crypto community as “CZ”, told Bloomberg that he had been invited to Malta by the government in order to look at an upcoming bill “favorable” to crypto businesses.
So, there are some questions on this situation. 1) Does it mean that we will be able to change EUR to crypto directly? 2) Which citizens are welcomed? For example, Bittrex prohibited to work those persons whose countries are under US sanctions. What for Malta on this issue? 3) Will this move from Asia to Europe contribute more crypto trading volume in EU countries?
Hong Kong-based Binance was operating in Japan through the internet without a license for a virtual currency exchange, according to a Google translation of the Japanese-language statement.
At the same day Binance CEO Changpeng Zhao, known in the crypto community as “CZ”, told Bloomberg that he had been invited to Malta by the government in order to look at an upcoming bill “favorable” to crypto businesses.
So, there are some questions on this situation. 1) Does it mean that we will be able to change EUR to crypto directly? 2) Which citizens are welcomed? For example, Bittrex prohibited to work those persons whose countries are under US sanctions. What for Malta on this issue? 3) Will this move from Asia to Europe contribute more crypto trading volume in EU countries?
It's quite surprising that instead of complying, Binance just chose to move borders which would be a lot of hassle to do so for a business that big. Japan is already a crypto-friendly nation yet Binance chose to walk away and seek refuge to a foreign country. Anyways, details about their services, primarily the currency they'll deal with and servicing country is still unknown at this point in time as their management haven't released a single statement about the changes the company might undertake upon moving. Usually if it moves to a new country, a lot of features would be revamped, alongside the ToS and other legal things that the exchange is catering/dealing with. So as of now, it's safe to say that it would somehow favor the Westerners in the move to Malta.
