Bitget Halts Services for Japan Residents Amid Regulatory Crackdown
Bitget Limited, the Seychelles-based crypto exchange, announced on August 3 that it will cease services for Japan residents due to compliance considerations and relevant regulations in Japan. The company has stopped accepting new account registrations from Japanese residents and will implement phased functional restrictions on existing accounts.
The decision comes after a warning from Japan's Financial Services Agency (FSA) in November 2024, which also affected four other companies, including KuCoin, MEXC Global, and Bybit Fintech. Bitget's app was removed from domestic app stores following the FSA's request to Apple and Google.
Users who are classified as Japan residents will have their accounts restricted in phases, with any remaining positions forcibly liquidated after December 31, 2026. Those who fail to complete Level 2 identity verification (KYC2) by November 1, 2026, will also be automatically classified as Japan residents.
This is not the first time a crypto exchange has withdrawn from the Japanese market, with Bybit completing its phased withdrawal under similar circumstances. The situation highlights the cost of complying with Japan's regulatory environment and how it influences overseas exchanges' decisions on whether to continue operations.