Unfortunately, the grass isn’t greener over here today. In fact, it is very, very red. The crypto market has flip-flopped back into the red, with many of the major coins falling fast, including Ripple (available on Binance) (XRP) and Litecoin (available on Coinbase) (LTC). It’s not all doom and gloom, though – EOS, along with a few other coins, has managed to stay above the waves.

What’s causing the crypto plunge? Well, news broke that Japan’s Financial Services Agency (FSA) may tell Binance, one of the largest cryptocurrency exchanges, that it will not be allowed to continue operating in the country without a license.

The FSA has been cracking down on crypto exchanges. Just recently, the Japanese crypto exchange Coincheck, along with six other Japanese exchanges, was issued a business improvement report. This may be what caused Coincheck to drop the anonymity-based cryptos Monero (XMR), Dash, and Zcash (ZEC).

Could the fears of Binance being forced out of Japan be what’s causing the crypto sell off right now? One thing’s for sure: panic selling should never be your first option.