Bitget to Exit Japanese Market Amid Regulatory Crackdown
Crypto exchange Bitget announced on August 3 that it will stop offering trading services to residents of Japan, citing the need for compliance with local regulatory requirements. New registrations from Japanese users are no longer accepted after this date, and existing accounts will face gradual restrictions starting November 1, culminating in forced closure by December 31 if verification is not completed. Bitget urged affected users to verify their identities before a deadline of November 1 to avoid automatic classification as Japanese residents. The move follows repeated warnings from Japan’s Financial Services Agency since March 2023 for allegedly providing unregistered crypto services in the country. Despite this, Bitget's CEO Gracy Chen has stated plans to enter the U.S. market and obtain necessary regulatory approvals. The decision reflects increasing global scrutiny of cryptocurrency exchanges and their compliance with local laws.
Topics: Bitget compliance cryptocurrency Japan