Japan’s Financial Services Agency (FSA) said foreign crypto exchanges Bybit, BitForex, MEXC Küresel and Bitget are operating in the country without proper registration in a warning letter published on Friday.
The notice said the exchanges were in violation of the country’s fund settlement laws at the time of issuing the warning letter by “conducting crypto asset exchange business without registration.” The regulator also said the list of unregistered traders “does not necessarily indicate the current state of unregistered business.”
Although Japan is working on new regulations for the crypto and Web3 sectors, the country has not cracked down on the industry as hard as some other larger economies such as the U.S. following what was a turbulent year for the markets in 2022.
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The FSA issued a formal warning letter to Bybit for operating without necessary permissions back in 2021.