Bitget Exits Japan Amid Regulatory Crackdown

Bitget, a cryptocurrency trading exchange founded in 2018, is exiting Japan's market amid regulatory pressures. The firm said on August 3 that it would stop offering crypto trading services to Japanese residents and new registrations from this group would no longer be accepted.

The gradual restrictions for Japanese residents will take effect on November 1, after which any remaining positions will be forcibly closed by December 31. Bitget is urging users identified as Japanese residents to complete their identity verification so they can access their accounts uninterrupted.

The exchange's decision comes after Japan's Financial Services Agency first warned Bitget in March 2023 for allegedly offering unregistered cryptocurrency services to Japanese residents, with another warning issued in November 2024. Despite this move, Bitget's CEO Gracy Chen revealed plans to enter the US market regardless of Congressional action on the Digital Asset Market Clarity Act.