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The saga of The Nikkei reports, Japan, Binance and twitter FUD cry!

Mar 23, 2018 Posted /  1583 Views

The saga of The Nikkei reports, Japan, Binance and twitter FUD cry!

What Nikkei reported:

Nikkei Reports, which is considered as the leading financial newspaper had reported that Japan will soon warn Binance. It was reported by Nikkei that the bell of peril quite soon is all set to ring for a Hong Kong-based company Binance which is allegedly termed as the world's leading cryptocurrency exchange operator. Japan's Financial Services Agency is now determined to warn Binance. According to a report from the news outlet Nikkei on March 22, it mentioned that Binance has been giving out its services in Japan in the absence of a license. The financial supervisory body has given their verdict that investors are using the company's services are in jeopardy of suffering financial deprivation from something distinct to market moves for instance thefts or fraud, as said by sources close to the agency. The Financial Services Agency is set to work with police to file criminal charges if Binance is unable to close down its Japan operations. The story covered by The Nikkei covered many aspects such as the agency has intensified its supervisory efforts over cryptocurrency trading and is firm to get tough on unregistered operators. Binance which was established in 2017 is supposed to be the world's biggest cryptocurrency exchange operators in terms of the number of currencies handled. A lot of Japanese crypto investors are said to have shifted from domestic exchanges to Binance, whose fees are comparatively low-priced.

The rage is now live on twitter

After knowing about news which has spread all over the crypto market, The CEO of Binance, Changpeng Zhao has a different story to tell and he posted on Twitter refuting that the exchange has “received any authorizations” from the Financial Services Agency and portraying Nikkei’s report as “irresponsible journalism.”
His tweet read like:

"Nikkei showed irresponsible journalism. We are in constructive dialogs with Japan FSA and have not received any mandates. It does not make sense for JFSA to tell a newspaper before telling us, while we have an active dialog going on with them."

Binance which has always been on the top as the leading exchange according to CoinMarketCap was even hacked on March 7, while impacting users that had issued API keys on their accounts.
The twitter world responds in its own way and spares no man and after this news went viral twitter was flooded by some FUD cry tweets like:

“Quite interesting how #Bitcoin reacts to this, even though Binance is just a s***coin exchange with no fiat on-ram”- Twitter crypto person @WhalePanda shared @BTCVIC’s tweet.

Quite a few Twitter commentators on @WhalePanda’s post saw the sharing of the alleged future warning as just spreading FUD in the crypto world, while others appear to verify the authenticity of the forthcoming warning via personal private channels.

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Tags: Japan Binance Twitter warning for Binance

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