Bloomberg reports Binance plans to return to Japan

The cryptocurrency exchange Binance has applied for a licence to operate in Japan, four years after abandoning plans to establish a headquarters in the country. Bloomberg reports, citing sources.

According to them, the exchange’s interest in Japan is driven by a softer supervisory approach to the sector and a ‘significant potential’ for user growth.

“It would be inappropriate to comment on any dialogue with regulators,” a company spokesperson told the publication.

He stressed that Binance is committed to working with authorities ‘to shape policy that protects consumers, encourages innovation, and advances the industry.’ The Financial Services Agency (FSA) declined to comment.

In 2018 the FSA issued Binance with a warning that it needed a licence to continue operating in the country. In the same year the regulator tightened the risk-assessment process for launching new cryptocurrency exchanges.

Two years later, Binance decided to restrict access to the platform for Japanese users. It later emerged that the exchange and the local crypto-trading firm TaoTao did not reach an agreement on the creation of a joint venture.

As a reminder, in the summer of 2021 the FSA sent Binance another warning for operating in Japan without a licence. A company spokesperson explained at the time that it does not conduct exchange operations in the jurisdiction and does not attract local users.

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