Bitget Exits Japan Amid Strict Crypto Regulations

Bitget has decided to withdraw from Japan's crypto market and close all open positions by the end of the year. The exchange was facing strict regulations, including fines of approximately $62,800 and up to 10 years in prison for operating without a license.

The Japanese parliament approved a law last July reclassifying cryptocurrencies as financial instruments. This change has led to increased oversight and legal sanctions on crypto assets. Bitget wants to avoid getting caught in this strict framework and is setting a strategic withdrawal schedule to comply with local regulations.

Existing users must complete Level 2 identity verification by November 1st, after which their accounts will be switched to closing-only mode. During this process, users won't be able to open new positions or use trading bots or copy trading services. However, they can still make asset withdrawals and deposits within limits until December 31.

On the last day of the year, all open positions on the platform will be forcibly closed, and card services will be fully suspended. The Japan Financial Services Agency (FSA) maintains a strict stance against foreign exchanges providing unauthorized services in the country.