Japan's FSA Flags Cryptocurrency Exchange Elbank as Unlicensed

IconCryptoNewsTerminal Staff14 Jun, 2024

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Japan's FSA Flags Cryptocurrency Exchange Elbank as Unlicensed

The Financial Services Agency (FSA) of Japan has added cryptocurrency exchange Elbank to its list of unlicensed operators. The move comes amid concerns that the exchange is operating illegally in the country. According to CoinPost, the FSA stated that "Elbank's location and representative are unknown and it is currently providing cryptocurrency services to Japanese residents via the internet." As such, the FSA has warned investors to exercise caution when dealing with the exchange. This is not the first time that the FSA has taken action against unlicensed cryptocurrency exchanges. In recent months, the agency has cracked down on several other platforms that were operating without the necessary licenses. These actions are part of the FSA's ongoing efforts to protect investors and ensure the stability of the cryptocurrency market in Japan.

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