Bitcoin back in $8000 due Binance regulation confusion

The world’s largest Exchange by trading volume, Binance was in the wrong news which resulted in Bitcoin’s yesterday’s dip of $500 within few hours. Bitcoin’s strong start earlier this week was fumbled after reports of an action are going to be taken on Binance by the regulators in Japan.

Binance has been operating in Japan without a license and due to this reason, the regulators in Japan were going to take action against Binance. A Nikkei report said –

“The company was operating in Japan with no registration and judged that investors could suffer damage”

The reason for such crackdown against Binance was the January hack of Coincheck Inc. Where $500 million in NEM coins were stolen, which resulted in a lot of damage for the investors and raised an important question about the security of Exchange operating in Japan. The Financial Services Agency would conduct a check for all the exchanges operating in Japan without a license.

The news was enough to disturb the strong start of Bitcoin and its value started plunging within hours. Binance CEO didn’t look happy, the way the matter was handled by the JFSA and took to Twitter –

“It does not make sense for JFSA to tell a newspaper before telling us, while we have an active [dialogue] going on with them.”

Bitcoin strong start earlier this week was due to the positive news from G20 summit in Argentina but it all came down crashing. Altcoins were also not spared too. A major of them suffered a dip of -3% to -6%.


Source: Coindesk  


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