Japanese news platform Nikkei reported yesterday that the Japanese Financial Services Agency (JFSA) plans to send a notification to the cryptocurrency exchange Binance to cease operations nationwide.
This unexpected development has caused some unrest in the market. and the Bitcoin price, which has been on the rise for a while, has started to decline.
However, Changpeng Zhao, the CEO of Binance, denied the allegations.
Zhao, on his personal Twitter account. In the statement, he stated that Nikkei showed an example of irresponsible journalism and said, “We are in a constructive dialogue with the FSA and have not received any notification. It doesn’t make sense for the FSA to tell a newspaper about the issue before telling us, we have an active dialogue with them going on right now.”
It is stated that Binance faces the threat of closure on the grounds that it operates in the country without government approval. Although Binance was founded in China, it moved its offices to Japan due to the increasingly repressive attitude of the Chinese government. The company also opened an office in Taiwan.
According to CoinMarketCap data, Binance is currently the crypto exchange with the highest trading volume in the world.