8 Firms to stop to operate as Crypto Exchanges in Japan

  Japanese regulator has confirmed 8 companies want to withdraw applications to operate crypto exchanges and about 100 more companies are to enter the market
01 May 2018   977

The Japanese FSA (Financial Services Agency) organized a study group to consider  the state of cryptocurrencies in Japan last week. In the number observers of the meeting were delegates from the Bank of Japan, the Ministry of Justice, the Consumer Affairs Agency, and the Ministry of Finance. In addition, Taizen Okuyama, President of the newly formed self-regulatory establishment and of foreign exchange platform provider Money Partners Group, was present. 

The agency stated that 8 “deemed dealers” are aimed to withdraw their applications to work cryptocurrency exchanges. According to the Revised Fund Settlement law, deemed dealers are let to operate crypto exchanges while their applications are being investigated by the agency.  

Eight deemed virtual currency exchange companies announce the intention to withdraw registration applications…One company confirms that it does not fall under the virtual currency exchange industry as a result of grasping the actual situation in detail. 
(Financial Services Agency), Japan 

Seven of them will totally withdraw their applications – Tokyo Gateway, Mr. Exchange, Raimu, Bitexpress, Bit Station, Campfire, and Payward Japan which operates Kraken exchange. The FSA revealed that Debit will withdraw its application as a deemed dealer because it does not fall under this classification. Also, about 100 firms have expressed their intention to enter the crypto market. 

The financial watchdog also revealed the number of administrative fines that have been issued so far. Five crypto exchanges have received business suspension orders while seven business improvement orders, excluding Coincheck. In common, 14 orders have been made: one on January 29, seven on March 8, three on April 6, one on April 11, one on April 13, and one on April 25. Coincheck and FSHO received two orders. 

Among the 100 firms to enter the space was Cyberagent which operates the Internet TV station “Abema TV” and the Internet ad business, which boasts the largest market stake in Japan.

Binance Futures to Report on Month's Success

For example, On October, the 24h trading volumed reached 69 158 BTC (more than $500k)
16 October 2019   76

The crypto-derivative platform Binance Futures reported on the progress achieved in a month.

The blog of the largest Bitcoin exchange Binance says that during the first day the volume of trading on its unit was 19 253 BTC. Just 10 days later, this figure grew almost 4 times and reached a record 74,647 BTC. Thus, the turnover on Binance Futures quickly exceeded the trading volume in the BTC / USDT spot pair on Binance.com.

On October 8, Binance Futures became the fourth largest crypto derivative platform.

As of October 14, the daily turnover of this platform amounted to 69,158 BTC (> $ 500 million), which is comparable to the real trading volume on the 10 largest exchanges according to Bitwise. At the same time, the total daily trading volume on the regulated exchanges CME and Bakkt now amounts to only $ 84 million.

Many futures traders are also using our industry-leading spot market for hedging or conducting arbitrage trades. We have seen increased activities from these traders transferring in and out from spot to futures during volatile periods. The liquid and ease to use spot market, as well as the simple process to transfer capital between spot and futures, provides our customers with the most efficient manner to trade both markets. 

Binance Team

Also, according to them, the derivative exchange's matching engine is capable of processing 100 thousand orders per second.