Bitget Exits Japan Amid Regulatory Crackdown
Bitget, a crypto trading exchange founded in 2018, is shutting down its Japanese operations due to regulatory pressure. The company announced on August 3 that it will stop offering services to residents of Japan and will cease all new registrations after this date.
The move comes after the Japanese Financial Services Agency warned Bitget twice - first in March 2023 and again in November 2024 - for allegedly operating unregistered cryptocurrency services. In a statement, Bitget urged users who have received notifications identifying them as Japanese residents to complete their identity verification by November 1 to avoid account restrictions.
Bitget plans to close all remaining positions from December 31 onwards. The company's CEO, Gracy Chen, revealed last month that they plan to enter the U.S. market despite potential regulatory hurdles, with a focus on obtaining money-transmitter and derivatives approvals before launching services.