A PYMNTS Company

Japan Steps Up Crypto Regulation With Warnings To Bybit

By  |  April 3, 2023

Bybit, a cryptocurrency exchange, has been instructed to adhere to Japan’s regulatory standards and stop providing services to Japanese citizens. This follows a warning from Japan’s Financial Services Agency (FSA) regarding the company’s registration procedures.
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.

Read more: Japan’s Financial Regulator Wants to Ease Crypto Tax Rules

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.