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Cryptocurrency exchange Binance is reportedly looking to re-enter the Japanese cryptocurrency market. The company pulled out of Japan four years ago after Japanese financial regulators warned Binance to operate illegally without a license.

Binance wants to return to Japan

Cryptocurrency exchange Binance is seeking permission to return to the Japanese crypto market after four years out of Japan, Bloomberg reported on Monday, citing people familiar with the matter.

One of the people familiar with the matter said that the main reasons for Binance’s renewed interest in Japan are the Japanese government’s loosening of the way it regulates cryptocurrencies and the huge potential for user growth.

A spokesperson for Binance told the publication that the company is “committed to working with regulators and policymakers to develop policies that protect consumers, encourage innovation, and move the industry forward.” However, the spokesperson would not comment on specifics. commented on the license application, noting that “it would be inappropriate to comment on any conversation with the regulator.”

Binance exits Japanese crypto market in 2018 warn Japan’s top financial regulator, the Financial Services Agency (FSA), on the issue of operating without a license.In June last year, Binance acquired another warning The FSA reiterated that the exchange has been offering cryptocurrency exchange services to Japanese customers without registering.

Binance has made a decision after multiple regulators warned it was operating illegally without a license Compliance one of its first tasks.The trading platform has previously revealed that it plans to become regulated financial institution.

Recently, Binance established a Global Advisory Council to meet regulatory challenges. The agency is made up of “pre-eminent experts in the fields of public policy, government, finance, economics and corporate governance,” Binance details.

What do you think of Binance’s quest to return to the Japanese crypto market? Let us know in the comments section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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