Japan has issued a cautionary statement regarding a cryptocurrency exchange in the country, where the crypto market is of significant interest. The Japanese Financial Services Agency (FSA) has raised concerns about the offshore exchange, LBank Exchange, for operating without proper registration.
Reportedly, the FSA highlighted that LBank Exchange had an “unknown address” and an “unknown agent,” engaging in online cryptocurrency trading with Japanese residents, which violates the agency’s guidelines. These guidelines mandate exchanges to register and adhere to specific standards to safeguard investors.
Despite being a medium-sized exchange ranking 56th in 24-hour spot trading volume, LBank Exchange’s lack of transparency and regulatory compliance has sparked apprehension among Japanese authorities. This isn’t the first time the FSA has taken action against unregistered exchanges, having previously issued warnings to companies like Bybit Fintech Limited, MEXC Global, Bitget Limited, and Bitforex Limited for providing trading services without proper registration.
Investors are advised to exercise caution and not take this as investment advice. For trading in over 300 cryptocurrencies, individuals can register with Binance exchange at a 20% commission discount through the provided link. Stay updated on exclusive news, analytics, and on-chain data by following our Telegram and Twitter accounts.