Japan “disconnects” foreign cryptocurrency exchanges
In Japan, authorities began to deliberately close cryptocurrency exchanges registered in other countries. The platforms themselves also decided to respond with a similar reaction, blocking the trading operations of traders who are residents of the state.
The fight for the cryptocurrency market of Japan
“From the beginning of May, new laws on financial instruments will begin to operate in Japan. Many users from the country have not yet had time to familiarize themselves with legal norms, which is why we are forced to take measures in order not to violate them. All exchanges that do not have a national FSA license have already stopped working in the country. We also made a similar decision, ”the Binance report said, leaving the Japanese market first.
The second exchange that stopped working in Japan was BitMEX. Its representatives said that only residents of the country can now work on the site with registration through other states. Traders were forbidden to open new accounts and increase existing positions. The accounts themselves on the exchange have not yet been deleted so that users can withdraw funds.
Western publications note that laws in Japan, which allowed cryptocurrency to be considered an official means of payment, caused the opposite effect. Due to the adoption of assets and the ability to make cross-border payments without leverage, many exchanges were forced to abandon the market. This is especially true for platforms registered by the US regulator.