Japan warns Bybit, MEXC, Bitget and Bitforex about offering unregistered cryptocurrency exchanges

On March 31, Japan’s Financial Services Agency (FSA) exhibit Warn four overseas cryptocurrency exchanges Bybit Fintech Limited, MEXC Global, Bitget Limited and Bitforex Limited to offer cryptocurrency trading without registration.

Bitforex Limited is headquartered in the Republic of Seychelles, while the other three exchanges are located in Singapore, but they serve Japanese citizens via the Internet. Among these exchanges, Bitget currently ranks 6th and Bybit 7th in the 24-hour trading volume leaderboard. Bybit is also used by many Japanese traders, has a large market share in derivatives trading, and ranks sixth in futures trading volume.

The FSA has been closely monitoring unregistered businesses following the Coincheck cryptocurrency breach in 2018. In May 2021, Bybit was warned that it was conducting a cryptocurrency exchange business. Unregistered businesses die. Another major cryptocurrency exchange, Binance, also received a warning in 2021 for providing unregistered services to Japanese users, the second warning against the exchange after 2018.

As early as November 2022, Binance entered the Japanese market by acquiring Sakura Exchange Bitcoin Co., Ltd., which was registered as an operator in Japan. The acquisition appears to have shortened the procedures and time needed to start operations. However, new registrations from Japanese users on Binance.com have been suspended and those attempting to register from Japan will be blocked and receive “You are trying to access the service” Our service is from a restricted jurisdiction. “

The warning issued by the FSA against the four exchanges reminds crypto exchanges to comply with the regulations set by the regulator. As cryptocurrencies grow in popularity, governments around the world are working to ensure they are regulated to protect investors and prevent illicit activities such as money laundering and terrorist financing. Cryptocurrency exchanges should prioritize compliance with regulatory guidelines to ensure they can continue to serve customers globally.

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