As an analyst with extensive experience in the crypto industry and a keen interest in regulatory compliance, I believe the Japanese Financial Services Agency’s (FSA) latest warning to LBank Exchange is a necessary step towards maintaining order and ensuring investor protection in Japan’s rapidly evolving digital asset market.
The Japanese Financial Services Agency (FSA) has issued a caution to LBank Exchange, a prominent international cryptocurrency trading platform. According to the FSA, LBank has been carrying out its operations without obtaining the necessary legal authorization, thereby violating Japanese regulations.
Last year, regulatory actions were taken against trading platforms such as Bybit, MEXC, Bitget, and Bitforex that resembled the recent crackdown. The Financial Services Agency (FSA) of Japan accused these exchanges of operating illegally due to their lack of registration in the country, consequently barring them from the Japanese market.
As a financial analyst, I’d rephrase it as follows: Based on CoinPost’s report, the Japanese Financial Services Agency cautioned LBank Exchange on June 14th for operating without registration to facilitate cryptocurrency transactions. Similarly, Bybit, MEXC, Bitget, and Bitforex received such warnings from the agency in March of the previous year.
— Wu Blockchain (@WuBlockchain) June 15, 2024
Launched in 2015, LBank has evolved into a prominent centralized cryptocurrency exchange with an extensive selection of digital assets. Yet, due to the exchange’s “anonymous headquarters” and “unidentified representatives,” there are transparency concerns raised by the Financial Services Agency (FSA).
The warning signifies that Japan has a zero-tolerance policy towards regulatory breaches in its pursuit of establishing itself as a leading crypto hub. Nevertheless, LBank persists in introducing new initiatives, such as the listing of Aethir (ATH) token for GPU cloud computing on June 12, amidst the ongoing investigation.
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2024-06-16 12:21