Japan FSA warns four exchanges to cease operating without licensing

Japan’s Financial Services Agency (FSA) warns four cryptocurrency exchanges (including ByBit, BitGet, MEXC Global and Bitforex) to stop providing services to domestic residents until they obtain the appropriate licenses Did.

According to the notice, exchanges must register in the country before conducting operations.

Meanwhile, this is not the first time financial regulators have warned ByBit about its operations in the country. A similar notice has been issued for 2021. UK and Canadian regulators have also warned ByBit to operate in the country without registration.

Japan is one of the leading countries when it comes to crypto regulation. It has cracked down on unregistered exchanges since introducing registration and licensing requirements for crypto exchanges in 2020. ByBit said that failure to comply with the warning could result in legal action and fines domestically. I have.

Meanwhile, authorities in the country are asking the EU and US to regulate cryptocurrencies in the same way banks are regulated.

Mamoru Yanase, Deputy Director-General of the Financial Services Agency’s Planning Bureau, said:

Crypto has gotten this big.

Following the collapse of FTX and Terra UST, more scrutiny and regulation are being called for.