Bitget to cease services for Japanese residents

Cryptocurrency exchange Bitget announced on X it will terminate services for residents of Japan. The exchange stated the decision was made after a comprehensive review of Japanese regulations, adding that account restrictions will be implemented in phases. Users will be notified sequentially via email about necessary asset management and follow-up procedures, it said. The move follows a warning issued by Japan's Financial Services Agency (FSA) in November 2024 to unregistered exchanges, including Bitget, Bybit, KuCoin, and MEXC. In February of last year, the FSA requested the removal of the exchanges' apps from the Apple App Store and Google Play Store. Bybit also subsequently withdrew from the Japanese market following the measures by local authorities. Bitget does not hold a Virtual Asset Service Provider (VASP) license in South Korea and is not registered with the country's Financial Intelligence Unit (FIU).