It takes one bad news for the Crypto market to plummet. Within an hour of news breaking out about “JAPAN PLANS TO ISSUE WARNING AGAINST BINANCE”, that was first tweeted by @BTCVIX, Bitcoin prices started sliding down.
The prices enjoyed a place above 600000 INR today until it fell by 25000 as soon as the news broke out. According to the tweet, Nikkei a Japanese Newspaper has published the report that Japan’s FSA will be going after World’s largest exchange (by 24 hour volume) Binance.
Soon after CZ, the founder of Binance gave a clarification on Twitter:
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.
— CZ (not giving crypto away) (@cz_binance) March 22, 2018
Twitter was already crying FUD over the Nikkei Report and CZ’s response gave it another boost:
In two days……… this will be FUD. Just like all the rest.
— SCOTTY⚡ (@SCOTTY_CHARISMA) March 22, 2018
Even the Japanese Voiced their Disappointment:
I am Japanese, but I feel disappointed with the report. I agree with your opinion.
— タキオン (@wing_tachyon) March 22, 2018
All of this still did not deter the scammers:
To celebrate this we have 5000 eter’s to giveback for the community!
How to get your’s? Simply! just copy and paste the above link into your browser and get your reward!
— ĆŹ (giving crypto away) (@SashaAncic) March 22, 2018
Japan’s Financial Services Agency (FSA) after the January hack of over $500 mln NEM at Coincheck, has started monitoring the exchanges closely. Hence CZ and Binance would definitely be in touch in JFSA but that does not mean they are clamping down on them. There seems to be no reason for Japan to go after Binance as of now, and if there is, we are sure Binance will comply. But for now, do not worry and keep trading happily.
Update – Title updated to be more specific