This Singaporean cryptocoin exchange operator rather does its banking in Japan

(Nov 21): Quoine, a cryptocoin exchange operator founded in Singapore, said it’s now routing customers’ payments to Japan, where the firm banks with lenders including Mitsubishi UFJ Financial Group after an account in the city-state was closed.

A local branch of CIMB Group Holdings gave the company three weeks’ notice before terminating its account at the end of September, Quoine Chief Executive Officer Mike Kayamori said. Customers now have to wire their payments to accounts at the firm in Japan, he said in an interview last week.

Quoine joins about 10 firms specialising in cryptocurrency and payments services whose bank accounts have been shut in Singapore, where the financial regulator oversees only some activities related to the industry. Japanese authorities are taking a more active stance, granting licenses to 11 exchange operators in September, including Quoine.

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