Binance, the major cryptocurrency exchange, revealed that it would restrict access to residents of Japan at an unspecified later date.
Preventing the Japanese individuals from escaping inflation? Binance Exchange to Restrict Access to Japan Residents | Cointelegraphhttps://t.co/dUxoAqZ0Mg — Chris (@ChrismccleanA) January 16, 2020
On January 15, it has been reported that the restriction is said to be implemented gradually, with details to be revealed later.
However, currently, there are no restrictions in place and Japanese users are able to operate the exchange normally.
Binance was previously headquartered in Japan after exiting China. As it has been reported in March 2018, the exchange moved its operations to Malta following an official warning by Japanese regulators due to its lack of a national exchange license.
<img src="https://i2.wp.com/www.cryptonewspoint.com/wp-content/uploads/2020/01/image-1.jpg?fit=1024%2C576&ssl=1" alt="" class="wp-image-8292 lazyload" width="473" height="266" />
It has been analyzed that several exchanges have registered with the regulator. Huobi, the rival of Binance, had obtained the license in January 2019, while Japanese corporation LINE’s BitBox exchange secured it in September.
It is possible that Binance encountered similar regulatory difficulties despite not legally residing in the country.
Thus, Kraken ceased to provide services to Japanese residents in April 2018 by admittedly citing rising costs of doing business, potentially due to the licensing requirement.
Source: cointelegraph.com