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Japan’s Financial Services Agency (FSA) issued another warning against crypto exchange Binance on Friday, saying that the exchange is still operating in the country without registration.

The FSA said Binance is doing business with Japanese residents via the internet despite lacking permission to do so.

The FSA’s new warning comes over three years after it issued a similar notice against Binance in March 2018. At the time, the regulator said Binance would face criminal charges if it continued to do business without a license. This forced the exchange to move its headquarters out of the country, officially moving to Malta (before eventually adopting a “decentralized” structure).

Last year, Binance said that it would implement a “gradual restriction of trading functions” for Japanese residents “at a later date.” But the exchange’s Japanese website is still accessible at the time of writing, even for new account creations. And when accessing the site via a VPN, Binance does not appear to block Japanese IP addresses.

The Block has reached out to Binance for comments and will update this story should we hear back.

Last month, the FSA also issued a warning against Bybit, saying that the crypto derivatives exchange is unregistered and still operating in the country.

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