On March 31st, the Financial Services Agency (FSA) issued warnings to four overseas cryptocurrency exchanges for providing virtual currency. Trading services without registration, in accordance with its administrative guidelines.
The warnings were issued to Bybit Fintech Limited, MEXC Global, Bitget Limited, and Bitforex Limited. Bitforex is based in the Republic of Seychelles, while Bybit, MEXC Global, and Bitget are based in Singapore. However, they were providing services to Japanese residents via the internet.
According to market data site CoinGecko, Bitget is currently ranked 6th and Bybit is ranked 7th in terms of trading volume over the past 24 hours. Making them both globally significant exchanges. Bybit also has a large share of the derivatives trading market and is widely used by Japanese traders. In terms of 24-hour trading volume for derivatives, Bybit ranks 6th in futures trading.
Since the virtual currency outflow from Coincheck in 2018, the FSA has been strengthening its monitoring of unregistered businesses. At that time, the FSA, the National Police Agency, and the Consumer Affairs Agency held a director-level meeting to confirm their cooperation.
It should be noted that Bybit was already warned in May 2021 for conducting virtual currency exchange business without registration and was already on the list of unregistered businesses.
