Japan’s Financial Services Agency (FSA) has warned Bybit, Bitget, MEXC and BitForex operating in the country about unregistered transactions.
Japan’s Financial Services Agency said in a March 31 statement that it had warned four exchanges in the country for doing business without proper registration and violating the country’s payment of funds laws. The FSA had previously issued an official warning notice to Bybit for operating without a license.
Japan Continues to Work on Regulations
The regulator said in a statement that the list of unregistered investors does not reflect the current state of unregistered businesses.
Although Japan is currently working on new regulations for the cryptocurrency and Web3 sectors, it has not put as much pressure on the industry as the US regulators.
Cryptocurrency platform Binance and its founder, Changpeng Zhao, were recently sued by the United States Commodity Futures Trading Commission (CFTC) for US regulatory violations. Two years ago, Binance received a warning for providing unregistered services to users in Japan.
Due to this regulatory pressure and uncertainty, many cryptocurrency platforms are planning to cease their activities in the USA.
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