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[NEWS] The Financial Services Agency issues warning letters to five unregistered overseas cryptocurrency exchanges, including Bybit and MEXC

2024/11/29 13:41 (Updated 2025/02/12 14:42)
Editors of Iolite
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[NEWS] The Financial Services Agency issues warning letters to five unregistered overseas cryptocurrency exchanges, including Bybit and MEXC

Financial Services Agency warns major cryptocurrency exchanges

On the 28th, the Financial Services Agency issued warning letters to five overseas cryptocurrency exchanges for operating cryptocurrency (virtual currency) exchanges without registration with Japanese residents as counterparties.

The exchanges that the FSA warned this time are as follows.

  • KuCoin
  • Bitcastle LLC
  • Bybit Fintech Limited
  • MEXC Global
  • Bitget Limited

Bybit has received warnings in the past, and this is the third time. This is also the second time MEXC and Bitget have received warnings.

In Japan, businesses must register as cryptocurrency exchange businesses when providing services that are subject to regulations for cryptocurrency exchange businesses. In addition, from the perspective of customer protection, for example, if cryptocurrency is illegally leaked due to hacking, domestic cryptocurrency exchange businesses are subject to asset preservation and compensation, but overseas businesses cannot receive such protection. Therefore, from the perspective of customer protection, it is recommended to use services provided by domestic cryptocurrency exchange businesses in Japan.

Reference: Announcement
Image: Shutterstock

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July 2025 issueReleased on 2025/05/30
Interview Iolite FACE vol.14 Charles Hoskinson, founder and CEO of Cardano/Input Output Global PHOTO & INTERVIEW Mariko Mabuchi Special feature: "Considerations on cryptocurrency-related policies in Japan and the US", "Blockchain guide from Japan", "Huge position liquidation occurs at Hyperliquid! A new, unanticipated crisis in decentralized finance", "Sakana AI, a generative AI startup from Japan that is attracting a lot of attention", "Prepare for a recession: correlation between finance and anomalies" Crypto Journey: "Web 3.0 from the perspective of the 'King of Debate'" Interview with Hiroyuki Special series: Virtual Nishi: "Cryptocurrency market trends and key points for interpreting them" Series: Tech and Future Toshinao Sasaki, etc.