Japan Regulator Flags Four Crypto Exchanges for Operating Without Registration

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Last Updated on April 3, 2023 by Bitfinsider

In a warning letter released on Friday, Japan’s Financial Services Agency (FSA) stated that international crypto exchanges Bybit, BitForex, MEXC Global, and Bitget are functioning in the country without appropriate registration.

The exchanges were in breach of the country’s fund settlement rules at the time the caution letter was issued, according to the notification, because they were “conducting crypto asset exchange business without registration.” The roster of unregistered traders, according to the regulator, “does not inherently reflect the present condition of unregistered company.”

Despite the fact that Japan is working on new rules for the crypto and Web3 sectors, the country has not cracked down on the industry as hard as some other bigger countries, such as the United States, following a turbulent year for the markets in 2022.

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