Bybit Warned by Japan’s Regulator: What You Need to Know

• Japan’s Financial Services Agency (FSA) issued a warning to four crypto exchanges; Bybit, Bitget, BitForex, and MEXC Global for offering crypto exchange services to Japanese customers without registration.
• Bybit was among the top ten centralized crypto exchanges by trading volume in November 2022.
• The warning highlights Japanese efforts to rein in foreign crypto exchanges that operate without registration.

Japan Warns Four Crypto Exchanges

Japan’s Financial Services Agency (FSA) on Friday issued a warning to four crypto exchanges; Bybit, Bitget, BitForex, and MEXC Global for dealing with Japanese clients without registration.

Bybit Previously Flagged

The FSA flagged Bybit in 2021 and warned it twice for offering unregistered exchange services in March 2022. Binance Holdings Limited was also warned by the FSA in June of 2021 and received its first warning in March 2018.

Bybit Among Top Ten Exchanges

Bybit was among the top ten centralized crypto exchanges by trading volume in November 2022 while Bitget is a popular social trading platform.

Increased Regulatory Scrutiny

The latest challenge comes from Japan as global regulators are under increased scrutiny over cryptocurrency regulation on a national level. The FSA’s warning highlights Japanese efforts to rein in foreign crypto exchanges that operate without registration.

Conclusion

All these warnings highlight the global focus on regulated cryptocurrency activity and enforcement of legal compliance across jurisdictions which is essential for ensuring consumer protection and market stability.