Binance, the Hong Kong-headquartered cryptocurrency exchange, ranked third in the world based on 24-hour volume, will move its operation from Japan to Malta after a warning from Japanese regulators.
Binance has relocated its operations several times due to tightened regulatory control. Last September, the Chinese government banned initial coin offering (ICO) and shut down cryptocurrency exchanges. As a result, Binance moved to Japan in October.
But last Friday, Binance received a warning letter from Japan’s Financial Services Agency saying it was operating in Japan without a license. The FSA plans to work with police to file criminal charges if Binance fails to stop its operation there, according to Japanese media.