Bitget Exits Japan Amid New Crypto Regulations

Bitget, a global cryptocurrency exchange, is exiting Japan to comply with local regulations. The company has decided to wind down all remaining positions held by users in Japan by December 31st.

This decision comes after Japan passed a bill classifying cryptocurrencies as financial products. Operating without registration could result in penalties of up to 10 years in prison or a fine of about $62,800.

Existing users will no longer be able to open new trades or increase existing positions starting November 1st. Spot and futures trading, copy trading, automated trading, and yield products will also become unavailable, although withdrawals will continue to be supported.

The company's card service will also be discontinued by December 31st, but users will still be able to withdraw their assets after the service ends.