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Japan Regulator Steps Up Crypto Regulation With Warnings to Bybit, Other Exchanges

Cryptocurrency exchange Bybit has been ordered to comply with Japan’s regulatory requirements and cease offering services to Japanese residents, after Japan’s Financial Services Agency (FSA) issued a warning to the company over its registration process.

The FSA has stated that Bybit, the world’s fourth largest crypto exchange by volume, is operating without registration in Japan and has been engaging in crypto derivatives trading services that violate the country’s laws and regulations. Bybit also received a similar warning from the regulator in May 2021.

Along with Bybit, three other exchanges – MEXC Global, Bitforex, and Bitget – also received the warning.

The FSA’s action follows a recent crackdown on unregistered crypto exchanges in the east Asian nation. In 2020, the FSA introduced new regulations requiring crypto exchanges to register with the agency and obtain a license to operate in Japan.

Related News:

Japan’s Finance Ministry to Launch Panel to Assess Digital Yen: NHK

Bank of Japan Boss Hints CBDC & Stablecoins Can Coexist

Japan's Finance Ministry to Explore Digital Yen Feasibility: Report

Japan Set to Ask G7 & G20 to Bolster Crypto Regulation – And Not For the First Time

Japanese Banks to Test Stablecoins on ‘Japan Open Chain’

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