Binance Denies Japanese Regulator’s Criminal Warning

Bitcoin price’s sharp pullback on Thursday came after Japan’s regulator had issued a warning to Binance, one of the world’s biggest cryptocurrency exchanges, that it was operating in the country illegally and criminal charges would be filed if it did not cease.

There was considerable misunderstand over the report. Around the  time the Nikkei report was published, Bitcoin dropped over 4%.

Binance  CEO Zhao Changpeng refuted the news. He took to Twitter to rebuke the Nikkei’s “irresponsible journalism” and deny that they had received any mandate from the Japanese Financial Services Authority (JFSA). Changpeng said, that in the past few hours they had received “a simple letter from JFSA”. He simply pointed:

“Our lawyers called JFSA immediately, and will find a solution. Protecting user interests is our top priority.”

The Argentine Central Bank chairman Frederico Sturzenegger confirmed after G20 meeting, that the members had agreed to a July deadline by which to outline a policy for digital currencies, though Brazil  will not be involved as the country’s Central Bank president Ilan Goldfajn stated on Monday that cryptocurrencies would not be regulated.

At the same time G20 applied the standards of the Financial Action Task Force (FATF), which is a body formed to fight money laundering in the crypto space.