World's biggest cryptocurrency exchange Binance is heading to Malta from Hong Kong
In a report from Bloomberg, the cryptocurrency exchange, founded by Zhao Changpeng, has several staff members in Japan; however, an unnamed source said that the exchange had been expanding without receiving permission to do so. - Changpeng Zhao, Binance's chief executive.
Binance also plans to launch a decentralized exchange in the coming months, Zhao said, adding that about 10 teams are working on its development, but that the technology is now too slow to replace the company's existing centralized exchange.
Founded past year in Hong Kong by Changpeng Zhao, the exchange moved its operations to Japan in response to China's ban on crypto activities last September.
The drop was triggered by media reports, suggesting that Japan's financial watchdog, the Financial Services Agency, planned to issue a warning against Hong Kong-based cryptocurrency exchange Binance for operating in the country without registration.
Binance has not yet commented on the regulatory statement. "Our lawyers alled JFSA immediately, and will find a solution. Protecting user interests is our top priority", said Zhao.
Previously, Japan had passed favorable cryptocurrency regulations, and these two factors have led several mainstream companies to begin developing cryptocurrency exchanges.
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Japan's Financial Security Authority is set out to stop Binance from operating in its country any further, according to the trusted resources within the crypto community.
The agency is also demanding security overhauls on exchanges that are yet to be registered.
As CCN reported, the FSA has ramped up enforcement of the cryptocurrency trading industry in the months following a record-setting theft at Tokyo exchange Coincheck.
While China, India, US and a few more countries are showing hostility towards cryptocurrencies, Malta is using the chance to attract investments and make itself a hub for digital assets.
Japan past year made it mandatory for cryptocurrency exchanges to be registered, and the FSA last month issued a warning to Macau-based Blockchain Laboratory for operating without registration.
The website CoinMarketCap lists Binance, which was established in 2017, as boasting the second highest 24-hour trading volume of any cryptocurrency exchange on the day that the reports were published.
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