Key facts
- Crypto exchange Bitget will exit the Japanese market.
- Bitget will cease services for Japanese residents.
- Accounts will be progressively restricted from November 1.
- All remaining open positions will be forcibly closed by December 31.
- The exit follows warnings from Japanese regulators.
- Bitget was warned for operating unregistered services in Japan.
- Bitget will continue to serve global users.
Crypto exchange Bitget is set to withdraw from Japan, ceasing its services for Japanese residents. The company announced that it will progressively restrict accounts starting November 1, with all remaining open positions to be forcibly closed by December 31. This withdrawal follows warnings from Japanese financial regulators concerning Bitget's operations within the country without the necessary registration. Bitget has indicated that it will continue to provide services to its global user base. The exchange has not provided specific details on the number of Japanese users affected by this decision. The regulatory environment in Japan for cryptocurrency exchanges has become increasingly stringent, prompting several platforms to either comply with local regulations or exit the market. Bitget's move is seen as a response to these regulatory pressures, aiming to avoid potential penalties or further enforcement actions from Japanese authorities. The company's statement emphasized its commitment to compliance and user protection, though the specifics of how user assets will be handled during the closure process remain to be fully detailed.