Bitget Cuts Ties with Japanese Residents Amid Regulatory Pressure

Bitget, a Singapore-based derivatives exchange for cryptocurrencies, is ceasing its services to Japanese residents. The decision was announced on August 3rd and is part of the company's ongoing efforts to comply with Japanese regulations.

The platform has already stopped accepting new registrations from Japanese residents and will be transitioning existing accounts to 'Close-Only' mode by November 1st at 11:00 AM JST. This means that users will not be able to open new positions or increase their existing ones, except for limited withdrawals of cryptocurrencies and fiat currencies.

All products on the platform, including futures trading, spot trading, P2P trading, conversion services, card services, copy trading, and trade bots, will be affected by this change.

By December 31st at 11:00 AM JST, any remaining unsettled positions will be settled forcefully, and card services will be suspended. Bitget is urging users to settle their accounts before the deadline.