[NEWS] The Financial Services Agency issues a warning to four companies, including Bybit and MEXC

On the 31st of last month, the Financial Services Agency announced that it had issued a warning to four overseas cryptocurrency exchanges for operating cryptocurrency exchange services for Japanese residents without registration.

The four companies that received the warning this time were Bybit Fitech Limited, MEXC Global, Bitget Limited, and Bitforex Limited. This is the second time that Bybit and Bitforex have been warned.

All four of the companies that received the warning have Japanese language versions on their websites, and other actions such as soliciting Japanese residents were confirmed, so it is believed that they were determined to be providing services.

The Financial Services Agency has previously issued warnings to overseas cryptocurrency exchanges that provide services to Japanese residents without registration.

In the past, it has taken similar action against major cryptocurrency exchange Binance twice, in 2018 and 2021. When the second warning was issued, regulatory authorities in various countries also pointed out to Binance whether it had a license.

Binance entered the Japanese market by acquiring all shares of Sakura Exchange Bitcoin in November last year.

Reference:Financial Services Agency
Image: Shutterstock