News coming out of Asia has likely been the main driver of Bitcoin weakness over the last 24 hours.
What else is new, right?
Asia has moved the markets basically since bitcoin began as much of it's trading has traditionally come from that region.
Whether it be from China, Japan, or South Korea, Asia has traditional dominated bitcoin trading volumes.
That region has moved the bitcoin markets more than any other.
What's the latest?
Rumors came out stating that:
"Japan FSA plans to issue a warning against Binance, Nikkei says."
Which basically is saying that Japanese regulators are going to bring some type of regulatory action, or warning, against the Binance cryptocurrency exchange.
Bitcoin dropped roughly 5% on the news.
The CEO of Binance was quick to respond with this:
(Source:
)https://twitter.com/cz_binance/status/976783934074732544
- cz_binance
The CEO seems to be saying that the headline from the Nikkei was false or premature.
Either way it sounds like typical FUD being spread about.
More about the news can be read here:
Update to the story:
Then a few hours later this came out, updating the story:
(Source:
)https://twitter.com/ETHxCC/status/976749379477389313
- ETHxCC
Basically it sounds like Binance will need to register in Japan, follow the appropriate KYC/AML requirements, or get the heck out of Japan.
Which to be honest, makes sense.
Binance isn't technically registered in Japan and they don't follow the same standards that Japanese authorities are imposing on local exchanges.
This is all part of the process.
This is all part of Japan cracking down on exchanges in order to create a more regulated trading environment.
I assume we will be seeing much more of this type of news all over the world as exchanges are brought up to speed on normal broker/exchange requirements.
The US is likely about to do similar things to local exchanges as well.
Stay informed my friends.
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