Bitget Bails on Japan Amid Regulatory Scrutiny
Crypto exchange Bitget is winding down its operations in Japan after years of regulatory scrutiny. The company announced that it will stop providing services to residents of Japan and phase out remaining positions.
The decision follows multiple warnings from Japanese regulators, including the Financial Services Agency (FSA) and the Kanto Local Finance Bureau. In March 2023, the FSA warned Bitget for allegedly providing crypto services to residents of Japan without registration. Another warning came in November 2024.
Users who believe they have been incorrectly classified as residents of Japan must complete Level 2 identification by November 1. This includes address verification. Failure to do so will result in accounts being classified as belonging to residents of Japan, leading to account restrictions and eventual closure of remaining positions on December 31.