On May 28, the Financial Services Agency (FSA) issued a warning to Bybit Fintech Limited, an overseas firm based in Singapore, for conducting unregistered crypto asset exchange business with Japanese residents. According to the warning, Bybit Fintech Limited has been conducting crypto currency exchange business via the Internet with Japanese residents.
In Japan, registration as a crypto asset exchange is required to operate a crypto asset exchange business. In addition, registration as a Type 1 Financial Instruments Business is required to engage in crypto asset derivatives business.
For more information on the regulations, click here.
Bybit Fintech Limited (Representative: Ben Zhou) is the operator of Bybit, a leading crypto currency derivatives exchange. The company's website is available in Japanese, and domestic solicitation through affiliate programs and other means has also been confirmed. Since 2018, the FSA has been stepping up its monitoring of unregistered businesses in the wake of the virtual currency leak from Coincheck. At the time, it was reported that the FSA, National Police Agency, and Consumer Affairs Agency held a director-general-level meeting to confirm the strengthening of cooperation.