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Japan's financial watchdog warns Hong Kong-based virtual currency exchange

Japan's financial industry watchdog issued a warning to Hong Kong-based Binance for offering virtual currency trading services to those who live in Japan.

The Financial Services Agency only allows companies registered with the Japanese government to offer such services.

Binance was warned because it had several Japan-based employees and had expanded without official permission, Bloomberg News reported March 22, citing "a person familiar with the FSA's plans."

Japanese authorities have stepped up a clampdown on cryptocurrency exchanges following a US$530 million hack of Tokyo-based cryptocurrency exchange operator Coincheck Inc. in January.