Bitget Exits Japan Amid Strict New Regulations
Bitget, a Seychelles-registered cryptocurrency exchange, is set to exit Japan due to efforts to comply with local regulations. The company, ranked fifth by Coingecko with trading volume of roughly $714.7 million over the past 24 hours, stopped accepting new registrations from Japanese residents on Sunday.
The move comes after Japan reclassified cryptocurrencies as financial instruments following legislation approved by its parliament in mid-July. The new rules are expected to take effect next year and include fines of about $62,800 and prison sentences of up to 10 years for operation without registration.
Existing users who believe Bitget has incorrectly identified them as Japanese residents must complete a Level-2 identity verification, including proof of address by Nov. 1. Accounts that do not complete the process will be considered Japanese, according to the company's FAQ.