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Japanese Regulator Issues Warning to Binance



Binance must not serve Japanese customers without registering first, the country’s financial regulator has warned

(Asian News Hub) – Japan’s Financial Services Agency (FSA) has published a formal warning to Binance, the world’s largest cryptocurrency exchange in daily trading volume. The FSA is Japan’s financial regulator. A document addressed to Binance’s CEO and founder Changpeng Zhao warned the firm “engaged in crypto asset exchange business without registration.”

In 2020, Binance announced it would phase out its service to Japanese customers, though the company is still yet to act on its pledge.

Binance was previously found to be operating in Malta without a registration. In Feb. 2020, the Malta Financial Services Authority iterated that the exchange had not filed a registration despite moving its offices to the island nation.

The exchange has faced trouble with several other financial regulators in recent months.

In Apr. 2021, the Financial Conduct Authority expressed concerns after Binance’s opened tokenized stock trading. The regulator had concerns about whether the stocks could represent securities.

According to other reports, Binance may also be under examination by the Commodity Futures Trading Commission (CFTC) for allowing American residents on its website. However, the U.S. regulator is yet to make any formal charges.

In May 2020, Japan enforced strict regulations for exchanges in an effort to prevent hacks and frauds. Under the FSA’s regulations, all exchanges operating in Japan, whether domestic or foreign, must be registered.

Exchanges are also required to submit annual reports of their business to the agency.
Japan was the first Asian country that legalized the use of cryptocurrencies as a form of payment in 2017 after amending its Payment Services Act.

Despite embracing cryptocurrencies, the country has witnessed several hacks taking place on exchanges like Mt. Gox and Coincheck, resulting in billions of dollars in losses.

The FSA clarified that it would enforce the FATF travel rule in March 2021. The rule requires exchanges to record information associated with the transfer of crypto assets above a certain threshold to prevent money laundering. To implement this rule, the registration of all exchanges would be a top priority for Japan.

Similar to Binance, the FSA issued a warning to Singapore-based crypto exchange Bybit just last week for operating in the country without filing a registration.



KRA seeks Govt attention, appeals for ensuring strict implementation of e-commerce policy



Urges local buyers to buy goods direct from shops instead of online websites

(Asian News Hub) – The Kashmir Retailers Association (KRA) Wednesday urged the government to ensure strict implementation of e-commerce policy and appealed to the people to buy goods from local shopkeepers.

Addressing a press conference, President of KRA, Farhan Kitab urged the government to set up a monitoring mechanism for e-commerce and ensure strict implementation of its policy.

According to the news agency—Kashmir News Observer (KNO) Correspondent, Kitab said that “e commerce companies are violating all laws of the country, adopting predatory pricing, deep discounting and controlling inventory, which has ruthlessly affected the retail sector.”

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He further said “Kashmir sector has three lakh shopkeepers who have minimum of three employees at their shops. Therefore, approximately nine lakh people from nine lakh families get their bread and butter through these shops, which are getting affected by violations by e-commerce business units.”

“Online goods are being sold without e-quotes, due to which there remains a difference between online image and real product,” he further added.

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“Buyer is not able to check the manufacturing date of the product, that is indeed an illegal practice of the trade,” he said while appealing the government to check the goods from all entry points whether they are being transported with proper implementation of consumer policy.

Also Read: Four militants active in Srinagar: IGP Kashmir

“We appeal the people to buy products from local shops instead of buying from online websites,” he said.

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Major crypto exchanges buckle as Bitcoin crashes



(Asian News Hub) – Amid Bitcoin’s flash crash on Tuesday, a number of leading crypto exchanges buckled under pressure, preventing retail investors from buying the dip.

The price of several top cryptocurrencies fell sharply on Tuesday, with Bitcoin losing over 9%. The value of the flagship crypto plummeted from $52,000 to $43,285. And as of press time, Bitcoin had recovered to the $46,000 region.

Ethereum also plunged from $3,700 to nearly $3,000, losing about 18% of its value.

In the heat of Bitcoin’s hefty slip, there was a surge of traffic to exchanges as investors thronged to either liquidate their positions or buy the dip.

Customers are often allowed to open massive margin positions on most crypto exchanges. Huobi and Bybit, for instance, allow customers to have up to 100x margin. What this means is that customers can access a trading value of up to $100 by investing $1.

The margin rates on crypto exchanges are significantly higher than those found on traditional brokerages and they can fuel volatility in any direction.

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Tesla to resume accepting Bitcoin after due diligence: CEO Elon Musk



(Asian News Hub) – Electric-car maker Tesla will “most likely” resume accepting Bitcoin as payments after it conducts due diligence on the amount of renewable energy used to mine the currency, Chief Executive Officer Elon Musk said at a conference.

Musk’s comments at the B Word conference come after Tesla said in May it would stop accepting bitcoin for car purchases, less than two months after the company began accepting the world’s biggest digital currency for payment.

“I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 percent, and that there is a trend towards increasing that number, and if so Tesla would resume accepting bitcoin” Musk said.

“Tesla’s mission is accelerating the advent of sustainable energy. We can’t be the company that does that and also not do appropriate diligence on the energy usage of bitcoin,” he added.

After the conference, Bitcoin was up 6 percent at $31,900, while ether surged 10 percent to $1,970. Tesla’s shares were down 0.8 percent at $655.30 in extended trading.

Musk added that he personally owned bitcoin, ethereum and dogecoin, apart from bitcoin that Tesla and SpaceX owned.

“I might pump, but I don’t dump,” Musk said. “I definitely do not believe in getting the price high and selling … I would like to see bitcoin succeed.”

Inputs from Reuters

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