The Japan Financial Services Agency (FSA), the country’s financial regulator, has just issued a warning against cryptocurrency derivatives exchange Bybit because the platform is reportedly offering its services in Japan without the corresponding license.
This is the first time in 3 years the watchdog issues a warning of this type, being the last time March 2018, when the regulator warned Binance that the exchange was carrying out unregistered operations. While the platform promised it would gradually stop offering its services to Japanese users, the truth is that they can still access the platform.
Bybit has reportedly received the warning because it is offering its services to Japanese citizens without the license it needs to do so. To prevent this situation from happening, other crypto exchanges such us Deribit ban Japanese IPs. However, Bybit is not implementing this ban.
2021 is not being a good year for the exchange so far, since earlier this year it received another warning from the British FCA to cease operations in the country.