Cypher
Crypto AdoptionCrypto BankingCryptocurrencyCryptocurrency RegulationJapanNewsStablecoinTerra (LUNA)Trading

Registration Issue: Japan’s FSA Warns Bybit And 3 Crypto Exchanges

The cryptocurrency industry has been growing rapidly in recent years, and with this growth has come increased attention from regulators worldwide. Japan’s Financial Services Agency (FSA) recently warned four crypto exchanges, including Bybit, to register as crypto exchanges to continue operating legally.

This notification comes after earlier scrutiny of crypto exchanges from the United States and Canadian regulatory bodies.

Japan FSA Warns 4 Crypto Exchanges For Non-Compliance

Japan’s financial regulator has warned four crypto exchanges, including Bybit, over their lack of proper registration regarding their services. The popular exchange has received such a notification before.

Cypher

The FSA is implementing regulations to ensure crypto exchanges in the country are compliant with relevant laws. The other three exchanges notified are Bitget, MEXC Global, and Bitforex.

According to Japan’s financial watchdog, all four must register as cryptocurrency exchanges to continue their operations. Bybit, alerted by Japan’s Financial Services Agency (FSA) in May 2021, was again addressed by the regulator due to operating without a license.

The UK’s regulator also questioned the exchange in the same timeframe.

Japanese Government Taking Stronger Stance On Crypto Regulation

📰 Also read:  Michael Sonnenshein, the Current CEO of Grayscale Resigns

The Japanese authorities are taking a more stringent stance on regulation, with several developments occurring in recent weeks, intending to avoid a situation similar to the Terra crash. The latest warning to Bybit indicates this increasingly relentless focus.

The Japanese government has requested that the US and EU intervene in overseeing crypto-like banks. They believe the digital currency sector has grown to a point where it needs supervision like traditional banks.

Meanwhile, a new bill is ready to be enforced regarding stablecoin. Banking establishments are launching the Progmat Coin, a yen-pegged stablecoin intended to make payment services more efficient.

This latest warning from the FSA shows that the regulator is paying close attention to the operations of crypto exchanges and is taking a proactive approach to ensuring that the industry is operating safely and competently. For a while, authorities in Canada have been vigilant about Bybit, issuing warnings to the exchange.

Due to the financial downturn in 2022, the exchange had to reduce its workforce by 30%.

With regulators keeping a closer eye on the exchange, the exchange could still make further changes to its workforce. But it remains functional in the meantime.

📰 Also read:  FBI Arrests' Incognito Market' Owner for Operating Illegal Narcotic Marketplace

The FSA is taking a proactive approach to regulating the cryptocurrency industry in Japan, and other regulators worldwide are taking similar steps. Hence, crypto exchanges need to stay up to date with the latest regulations and ensure that they are compliant.


Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Robinhood Faces SEC Action Over Crypto Token Trades

Cypher

Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content