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Bybit stops new customer registration in Japan: FSA requirement hits crypto!
Bybit has suspended new user registration in Japan to adapt to stricter regulations from the FSA.
Bybit stops new customer registration in Japan: FSA requirement hits crypto!
Bybit suspended new user registration in Japan on October 31, 2023. This decision comes in the context of a regulatory shift that is heavily impacting the cryptocurrency industry in the country. Japan's financial regulator, the Financial Services Agency (FSA), has transferred oversight of digital assets from the Payment Services Act to the Financial Instruments and Exchange Act (FIEA). This classifies cryptocurrencies as financial instruments, which brings higher standards of compliance and business operations for crypto exchanges. These regulatory developments led Bybit to initiate an internal compliance review to meet the new requirements.
The suspension of new user registrations is described by Bybit as a “proactive” measure to focus on reviewing local regulatory requirements. Existing users in Japan are not affected by this measure, ensuring that their services continue to be provided as usual. Bybit has apologized for any inconvenience and emphasized that there will be no immediate changes in services for existing users.
Regulatory developments in Japan
The shift towards regulation under the FIEA brings not only stricter standards for crypto exchanges, but also new considerations for the entire industry. According to recent reports, the FSA is even considering allowing traditional banks to directly custody Bitcoin. This could further blur the boundaries between digital and traditional finance and make crypto investments easier to access.
Bybit, the crypto exchange founded in 2018, now has over 70 million global users and is the second largest exchange by trading volume. However, it has not been without controversy in the past. In February 2023, Bybit experienced a security incident in which $1.5 billion was stolen, considered one of the largest hacks in cryptocurrency history.
By suspending the new registrations, Bybit aims to ensure that it not only meets the FSA's increasing regulatory requirements, but also provides a safe and secure space for its users as it prepares for future developments in the crypto world.
Further information on this topic can be found in the article by Crypto News.