Crypto exchange Binance is reportedly seeking to reenter the Japanese crypto market. The company exited Japan four years ago after the country’s financial regulator warned that Binance was operating illegally without a license.
Binance Wants Back in Japan
Crypto exchange Binance is seeking a license to return to the Japanese crypto market, four years after exiting the country, Bloomberg reported Monday, citing people familiar with the matter.
The key reasons behind Binance’s renewed interest in Japan are the Japanese government’s easing regulatory approach to crypto and substantial potential for user growth, according to one of the people.
A spokesperson for Binance told the publication that the company is “committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation, and move our industry forward.” However, the spokesperson would not comment on specific license applications, noting that “It would be inappropriate to comment on any conversations with regulators.”
Binance exited the Japanese crypto market in 2018 following a warning by Japan’s top financial regulator, the Financial Services Agency (FSA), about operating without a license. In June last year, Binance got another warning from the FSA reiterating that the exchange has been providing crypto exchange services to Japanese customers without registration.
Following warnings from multiple regulators that it has been operating illegally without a license, Binance has made regulatory compliance one of its top priorities. The exchange platform previously revealed its plans to become a regulated financial institution.
Recently, Binance established a global advisory board to tackle regulatory challenges. The body is comprised of “distinguished experts in public policy, government, finance, economics, and corporate governance,” Binance detailed.