Japanese regulator issues warning to Bybit exchange
Japan’s Financial Services Agency (FSA) has issued a warning to the Bybit cryptocurrency exchange for operating without a licence.
The regulator did not specify whether it plans to bring any claims against the trading platform. The primary aim of the notice is investor protection.
In February 2021 Bybit received a similar warning from the United Kingdom’s Financial Conduct Authority. In March the exchange announced that it would stop serving residents of the country.
Bybit representatives said in a statement that they take their legal obligations seriously and are cooperating with the FSA.
“We will continue to work with our legal advisers to assess the situation and determine the optimal approach to protecting clients’ interests,” the statement said.
In 2018 the FSA warned Binance about the need to obtain a licence to continue operating in Japan. The regulator also tightened the risk-checking process when opening new cryptocurrency exchanges.
Earlier in April 2021, FSA announced the addition of guidance FATF on anti-money laundering and countering the financing of terrorism for local cryptocurrency companies.
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