The HitBTC exchange has suspended its operations in Japan after failing toobtain a permission to operate from the Financial Services Agency (FSA) of the country. This is stated on the official website of the organization in the section with legal information.
To its users with Japanese IP addresses, the exchange will offer going through a ‘know-your-customer’ (KYC) verification process to prove that they reside in Japan.
“You shall not use our Services and immediately cease using those if you are a resident or become a resident at any time of the state or region, where HitBTC is not authorized to act (see cl.2.2.(g) of our Terms of Service. For the avoidance of any doubt and in accordance with the Japan Payment Services Act, HitBTC has temporarily suspended providing virtual (crypto) currency exchange services to residents of Japan,” - written on HitBTC website.
Later, the exchange placed a notice, confirming that the new rules "will apply only to those who live in country." Representatives of the exchange also thanked all of their customers from Japan for their support and loyalty. According to the statement, the exchange believes that it has an incredible level of responsibility as the industry leader.
It also noted that compliance with the rules is important for the preservation of a civilized market. Representatives of the exchange also expressed hope that HitBTC will very soon resume work.
By Ekaterina Ulyanova