Japan's Financial Services Agency (FSA) has issued a warning against four crypto exchanges Bybit, MEXC Global, Bitget and BitForex, saying these trading platforms operate in the country without proper registration.
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In a statement published on Monday, the FSA said the platform violated the local fund settlement laws by conducting crypto business. However, the regulator noted the ledger of registered crypto businesses "does not necessarily indicate the current state of unregistered business."
In January, the FSA called on allies in the US and Europe to impose more regulatory scrutiny on cryptocurrency exchanges. Deputy Director-General of FSA's Strategy Development and Management Bureau, Mamoru Yanase, said that the market has become big enough to implement "effective regulation" similar to the banking system.
In December 2022, the Japan Virtual Currency Exchange Association (JVCEA) simplified rules applicable to the listing of digital assets on exchanges. Trading platforms can list coins without lengthy approval procedures if they are already on the Japanese market.
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