📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

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
USDT/USD
-
ETH/USD
-

  • 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.

See original on CoinEdition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.