Bitcoin was trading lower Thursday amid fears that regulators in Japan might tell one cryptocurrency exchange to cease its operations in the country.
The digital currency fell approximately $200 early Thursday morning around the time Bloomberg News and other publications reported that Japan’s Financial Services Agency (FSA) has been preparing to tell Binance, the largest cryptocurrency exchange in the world, to stop operating in the country without the necessary regulatory permissions.
Soon after Nikkei, a Japanese publication, reported regulators were examining Binance, the company’s chief executive officer, Changpeng Zhao, lashed out in a tweet. “Nikkei showed irresponsible journalism,” he said.
“We are in constructive dialogues with Japan FSA, and have not received any mandates,” he added. “It does not make sense for JFSA to tell a newspaper before telling us, while we have an active dialogue going on with them.”
Binance is the largest cryptocurrency exchange in the world, according to data from CoinMarketCap. It sees $1.8 billion worth of crypto trade hands on its platform every day.