Binance Seeks License to Reenter Japanese Crypto Market Following Exiting 4 Years Ago

Crypto exchange Binance is seeking a license to return to the Japanese crypto market, four years after exiting the country, reportedly.

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 familiar with the matter.

A spokesperson for Binance said that the company is "committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation, and move our industry forward."

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.

(Source: Bitcoin.com)