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Japanese regulator warns big cryptocurrency exchange for operating without a license, bitcoin falls

Japan’s Pecuniary Services Agency issued a warning Friday to major cryptocurrency the Bourse Binance for operating without registration in the country.

Hong Kong-based Binance was handling in Japan through the internet without a license for a virtual currency disagreement, according to a Google translation of the Japanese-language statement.

Bitcoin traded 3.4 percent degrade near $8,417, according to CoinDesk at 10:20 a.m. ET.

Source: CryptoCompare

Japanese jurisdictions recognized bitcoin as legal tender last April and require cryptocurrency the exchanges to register with the government. Sixteen exchanges have done so, Walk 7, the Japanese Financial Services Agency said.

Binance CEO Changpeng Zhao approved receipt of the warning, tweeting: “Our lawyers called JFSA immediately, and purpose find a solution.”

It was not clear whether Binance was still manipulating in Japan, and Zhao did not respond to a CNBC request for comment. Zhao rephrased in a Bloomberg report that the company tried to get a license in Japan but has unwavering to remove its staff from its office.

Bitcoin one-week performance

Provenance: CoinDesk

Reuters reported Thursday, citing a source familiar with the context, that if Binance does not heed the warning, the agency will case a criminal complaint. The agency would not confirm that part of the cover in an email to CNBC.

Japan has become one of the largest markets in the world for cryptocurrencies. Dealing in bitcoin-Japanese yen accounted for about 57.6 percent of total bitcoin marketing volume, according to CryptoCompare.

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