Japan’s financial regulator seems to have turned its focus to cryptocurrency exchanges. The Japan Financial Services Authority (FSA) has warned four cryptocurrency exchanges that they are operating unregistered. Here are the details…
FSA warns cryptocurrency exchanges
The Japan Financial Services Authority (FSA) has issued a warning to four overseas crypto exchanges for offering cryptocurrency trading without proper registration. The four exchanges are: Bybit Fintech Limited, MEXC Global, Bitget Limited and Bitforex Limited. These platforms have been warned for violating administrative guidelines set by the institution. cryptocoin.com As we have also reported, Bitforex Limited is based in the Republic of Seychelles and the other three exchanges are based in Singapore, but they offer online services to Japanese residents.
Among these exchanges, Bitget currently ranks 6th in 24-hour trading volume and Bybit 7th, making them two of the largest exchanges in the world. Bybit is also heavily used by Japanese traders and has a large market share in derivatives trading. It also ranks sixth in futures trading volume.
The FSA is keeping a close eye on unregistered businesses after Coincheck’s cryptocurrency leak in 2018. In May 2021, Bybit was warned that it was conducting unregistered crypto trading and had already been added to the list of unregistered exchanges. Binance, another major crypto exchange, also received a warning in 2021 for providing services to users in Japan without proper registration. This was the second warning given to the stock market after 2018.
Binance access is also blocked in Japan
In November 2022, Binance entered Japan by acquiring Sakura Exchange Bitcoin Co., Ltd., which is already registered as a local business operator. This acquisition appears to have shortened the procedure and time required for operations to begin. However, the new registration process for the global version of Binance (Binance.com) for users residing in Japan has been suspended. Those trying to sign up for Binance from Japan are greeted with the message “You are trying to access our service from a restricted jurisdiction”.
The FSA’s warning to these four exchanges serves as a reminder to crypto exchanges to comply with regulations set by regulatory agencies. With the growing popularity of cryptocurrencies, governments around the world are working to ensure they are regulated to protect investors and prevent illegal activities such as money laundering and terrorist financing. Cryptocurrency exchanges are trying to prioritize compliance with regulatory guidelines so they can continue to offer their services to their customers worldwide.
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