Binance CEO Changpeng Zhao: Contradict Financial Watchdog Warning Reports

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Binance CEO Quashes Financial Watchdog Warning Reports

The Chief Executive of Binance, as of now the world’s biggest cryptocurrency exchange by trading volume, has hit at the reports that the exchange is to get a warning from Japan’s financial regulators over its operations in the Nation.

As indicated by a report from Nikkei on Thursday that is widely referring to, the nation’s Financial Service Agency (FSA) might be going to order the Hong-Kong based firm to stop offering services in the country since it is not enrolled with the regulator.

The report said the FSA is worried that the organization’s operations might pose a danger to the country’s investors and might file a criminal allegation with the Police officials if Binance does not consent with the enrolment mandate.

While right now FSA has not yet announced any formal statement, the report said the intention is to provide a healthy digital currency trading environment by handling unregistered exchanges.

Binance CEO Changpeng Zhao has since hit out at the reports, nonetheless, saying the firm is in dialogue with the regulator.

He expressed on Twitter:

“Nikkei showed irresponsible journalism. We are in constructive dialogs with Japan FSA and have not received any mandates. It does not make sense for JFSA to tell a newspaper before telling us, while we have an active dialog going on with them.”

The news comes as the FSA is reinforcing its endeavors to investigate domestic exchanges, as well as digital currency operations that request Japanese investors without a formal enrolment.

As reported previously, the FSA issued numerous warning a month ago to a Macau-based digital currency venture that gave bitcoin purchases and initial coin offering services investors, following the firm has covered its presence in Japan.

Garry Singh

Garry is an experienced entrepreneur, and co-founder of a UK based technology company Quickdesk Solution Ltd., with a demonstrated history of working in the information technology and customer services industry. Skilled in technical writing, he is a strong business development professional with a Bachelor's Degree focused in Information Technology and Masters in Business Administration.