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LBank Faces Scrutiny in Japan for Unlicensed Operations

Published 06/15/2024, 05:37 AM
Updated 06/15/2024, 06:00 AM
LBank Faces Scrutiny in Japan for Unlicensed Operations

  • The FSA of Japan warns LBank Exchange, citing regulatory concerns.
  • The agency states that the exchange offered services without registering with the authority.
  • LBank listed Aethir (ETH) on June 12, providing users an opportunity to trade the ATH/USDT trading pairs on the platform.

Japanese regulators have issued a warning to cryptocurrency exchange LBank for operating without proper registration, underscoring ongoing concerns about compliance in the rapidly evolving digital asset industry.

The FSA reportedly asserted that LBank Exchange has an “unknown address” and an “unknown representative.” The agency also added that the platform was conducting its business activities online with Japanese residents as counterparties.

Founded in 2015, LBank operates as a leading global centralized exchange (CEX). The exchange offers customers a wide range of trading options with cryptocurrencies such as Bitcoin, Ethereum, and more.

Crypto reporter Colin Wu shared insights via an X post (formerly Twitter). In his post, Wu stated that the agency warned the exchange for its non-compliance with the authority.

Notably, the FSA has also issued alert notices against prominent exchanges like Bybit Fintech Limited, MEXC Global, Bitget Limited, and Bitforex Limited. As per the FSA’s allegations, these companies had been operating without registering with the regulators. Thus, the agency banned these platforms’ services in Japan.

Even as it faces scrutiny from Japanese regulators, LBank announced the listing of Aethir (ATH) from June 12, providing users with an opportunity to trade the ATH/USDT trading pairs on their platform. Aethir is an innovative decentralized cloud computing platform that utilizes Graphical Processing Units (GPUs). This move can be seen as an attempt by LBank to diversify its offerings and potentially attract new users.

The post LBank Faces Scrutiny in Japan for Unlicensed Operations appeared first on Coin Edition.

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