- Japan’s Financial Services Agency issued a warning letter to foreign crypto exchanges operating without registration.
- The FSA notes that the list of unregistered traders does not necessarily reflect their current status.
- Bitget representative states the exchange follows Seychelles regulations, and services are normal.
On Friday, Japan’s Financial Services Agency issued a warning letter stating that Bybit, BitForex, MEXC Global, and Bitget, foreign cryptocurrency exchanges, are operating in Japan without the required registration.
In its notice, the regulator stated that the listed exchanges violated Japan’s fund settlement laws by operating cryptocurrency exchange businesses without proper registration. Additionally, the agency noted that the list of unregistered traders does not necessarily reflect the current status of unregistered businesses.
Moreover, Japan is in the process of developing new regulations for the crypto and Web3 industries, but the country has not implemented strict measures against the sector like other larger economies such as the U.S., despite the market’s volatility in 2022.
A Bitget representative stated that they will contact the FSA for more information after the agency published a warning letter stating that Bitget and other foreign crypto exchanges are operating in Japan without proper registration.
Bitget Rep
Bitget operates through BG Limited, a Seychelles-registered company. As a global crypto exchange, we are following the rules and regulations in Seychelles. All our operations and services remain normal at the moment and we will update our customers when there is an update.
The representative noted that the exchange operates through a Seychelles-registered company and follows the rules and regulations in Seychelles, adding that all operations and services are normal. The representative stated that customers would be updated if there were any changes.
Additionally, in 2021, the FSA had already sent a warning letter to Bybit for operating without proper permissions.
