Japan’s Financial Services Agency (FSA) said that Binance exchange must have a license in order to legally operate in the country. According to FSA, the exchange is now operating without relevant license, breaching the financial services law and putting their investors under risk. Thus, if Binance fails to get the FSA license, it will face legal action.
As Binance is one of the largest exchanges, the price of Bitcoin has declined by 5% so far in light of such news.