Japan Issued Warning To 4 Exchanges, Including Bybit and MEXC
CRYPTO TREYSI
On March 31, the Japanese Financial Services Agency issued a warning to four overseas crypto exchanges for offering cryptocurrency trading without registration based on administrative principles. Bybit Fintech Limited, MEXC Global, Bitget Limited and Bitforex Limited received warnings. Bitforex is based in the Republic of Seychelles, while Bybit, MEXC Global and Bitget are based in Singapore, but they also provide services to Japanese residents over the Internet.
According to CoinGecko, Bitget is currently ranked sixth and Bybit seventh in the 24-hour trading volume chart, both exchanges are the largest exchanges in the world. Bybit also has a significant share of the derivatives trading market and is heavily used by Japanese traders. In terms of derivatives trading volume in 24 hours, it ranks sixth among futures contracts.
In May 2021, Bybit received a warning that it was running an unregistered virtual currency exchange business and was listed as an unregistered trader. Since 2018, the Financial Services Authority has stepped up scrutiny of unregistered businesses following the cryptocurrency leak from Coincheck. In 2021, the country also warned Binance, a major crypto exchange, that it was offering services to users in Japan without registration. This was the second warning to the exchange after 2018.
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