Japanese regulator warns Bybit over lack of licence
Bitcoin exchanges Bybit, Bitget, BitForex and MEXC are operating in Japan without the required licences. This is stated in a notice FSA.
The regulator accused the platforms of violating the law and ordered them to cease serving residents.
Cryptocurrency exchanges that do not comply with the FSA’s rules could face fines and lawsuits.
Bitget representatives told ForkLog that they plan to contact the FSA for further information.
“Bitget operates through BG Limited — a Seychelles-registered company. […] we follow the rules and directives of Seychelles authorities. At present, all our operations and services are being conducted normally, and we will keep our clients informed,” the statement says.
On October 14, 2022, the Japanese authorities amended six laws governing foreign exchange in the context of anti-money-laundering measures. In particular, cryptocurrency exchanges were required to identify users and collect additional information as needed.
As of writing, Bybit had not responded to the regulator’s order.
In 2021, the FSA had already issued a warning to the platform.
Earlier, Kraken announced its exit from the local market.
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