Efforts to regulate the crypto world are accelerating around the world. In this context, regulatory authorities impose certain conditions for crypto exchanges to operate in their countries. Japan’s FSA warned cryptocurrency exchange LBank, citing regulatory concerns. The agency states that the exchange provides services without registering with the authority. Meanwhile, LBank added Aethir (ATH) to its list on June 12. Thus, it provided users with the opportunity to trade ATH/USDT trading pairs on the platform.
FSA issued a warning for cryptocurrency exchange Lbank!
Japanese regulators have issued a warning to cryptocurrency exchange LBank for operating without registration. The move underscored ongoing concerns about compliance in the rapidly evolving digital asset industry. The FSA claimed that LBank Exchange had an “unknown address” and an “unknown representative”. The agency also added that the platform conducts its commercial activities online with Japanese residents as counterparties.
Meanwhile, LBank started operating in 2015. Currently, it operates as a leading global centralized cryptocurrency exchange (CEX). The exchange provides its customers with a wide range of trading options with Bitcoin, Ethereum and more cryptocurrencies. Crypto journalist Colin Wu shared his views on the matter in an X post. In his post, Wu stated that the agency warned the exchange for not complying with the authority. In this context, the crypto journalist made the following statement:
According to CoinPost, the Japanese Financial Services Agency issued a warning to offshore exchange LBank Exchange on June 14, saying it was not registered to provide cryptocurrency transactions. In March last year, Bybit warned MEXC, Bitget and Bitforex.
FSA had previously warned Bybit, MEXC, Bitget and Bitforex!
cryptokoin.comAs you follow from , previously the FSA also issued warning notices against leading exchanges such as Bybit Fintech Limited, MEXC Global, Bitget Limited and Bitforex Limited. According to the FSA’s allegations, these companies were operating without registering with regulators. Thus, the agency banned the services of these platforms in Japan.
Lbank expanded its cryptocurrency list with ATH!
Although facing scrutiny from Japanese regulators, LBank announced the listing of Aethir (ATH) as of June 12. Thus, it provided users with the opportunity to trade ATH/USDT trading pair on their platform. Aethir is an innovative decentralized cloud computing platform using Graphics Processing Units (GPUs). This move can be seen as an attempt by LBank to diversify its offerings and potentially attract new users.
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