Japan's FSA claims that Bitget and other exchanges are not registered in the country
Japan's FSA claims that Bitget and other exchanges are not registered in the country
The Japanese Financial Service Authority (FSA) has four leading cryptocurrency platforms (Bitget, BYBIT, MEXC Global and Bitforex) a warning letter because they have not received proper registration.
The Watchdog warned in 2021 that Bybit had started to offer services without receiving the required licenses.
The latest warning of the FSA
The Japanese regulatory authority recently claimed letter that the four companies have violated the national fund billing laws by "Have carried out crypto-asset exchange transactions without registration". It also says that the number of not licensed dealers "does not necessarily indicate the current status of not registered business".
The marked platforms are among the leading providers in their area and have over 21 million users. It is worth noting that BYBIT received a similar message from the FSA in spring 2021.
At that time, the supervisory authority pointed out that the company lacked approval to offer its products and services in Japan. The warning came at a time when Bybit was in the middle of a marketing campaign that was aimed at investors in the country of the rising sun. Some, as Norbert Gehrke-founder of Tokyo Fintech- suspects This could be a reason for the measures of the regulatory authority:
"Such a public complaint has not occurred for some time, so it can be assumed that the FSA has observed aggressive marketing from Bybit to Japanese investors, which goes beyond the usual violations of presenting its website in Japanese and Japanese spiritual property is not Block addresses. “
Some of the giants left Japan
Two of the greatest cryptocurrency exchanges-octopuses and coin base- announced Domestic market. At the end of January, the former signed off at the financial services agency and explained:
"The current market conditions in Japan in combination with a weak cryptoma market mean worldwide that the resources that are necessary for the further growth of our business in Japan are currently not justified.
Coinbase warned Japanese customers to withdraw their crypto stocks by February 17th. Those who did not do this had their money converted into JPY. Vice President of Coinbase for Business Development and International-Nana Murugesan- called : "We have decided to process the majority of our activities in Japan, which caused most functions in our Japanese unit."
In contrast to the platforms mentioned above, Binance increased his presence in the country by Purchasing Sakura Exchange Bitcoin) in November last year. The latter is a Japanese cryptocurrency organization that is supervised by the FSA. .