The Japanese FSA has recently called on foreign exchanges to comply or face sanctions. Bitget, Bybit, MEXC Global and BitForex are suspected of operating without the required registration.
Crypto exchanges face crackdown from Japan’s FSA for non-compliance
Not long ago, Japan’s Financial Services Agency (FSA) issued a letter of warning to certain foreign Exchanges that it suspects of having operated without having carried out the required registration. The FSA explicitly mentioned Bybit, MEXC Global and Bitget as exchanges that operate without being registered according to the applicable Japanese laws and regulations.
This warning letter comes after another warning was issued by the regulatory agency, officially revoking Binance and Bitget for operating without proper authorization in 2021. Indeed, in 2020, the FSA established rules requiring exchanges to register with the FSA to obtain a license to operate in Japan.
Contacted by CoinDesk, a representative of Bitget stated that his company operates through a company registered in Seychelles, BG Limited and follows the local rules and regulations and will contact the FSA for more information.
The FSA’s warning shows that the crypto sector is undergoing a rigorous regulatory audit in Japan. Fortunately for companies in the crypto and web3 industry, Japan doesn’t seem to be as strict as the United States in the regulation of exchanges. The country therefore remains a welcoming place for companies seeking to develop in this field.
Coming from a journalism university background, I came across Bitcoin and cryptocurrencies not long ago.
The potential of the Blockchain seduced me and I made it my research topic.