Bybit Pauses New User Registrations in Japan for Compliance
As of October 31, Bybit, a leading cryptocurrency exchange, will temporarily halt new user registrations in Japan to comply with the Financial Services Agency's guidelines. This decision is aimed at ensuring investor protection and regulatory compliance.
Impact on Users
- This restriction affects both individual and corporate new users in Japan.
- Existing users remain unaffected by this change.
- There is speculation that the ban might extend if regulatory compliance isn't swiftly achieved, referencing Binance's previous experience.
The Japanese Financial Services Agency targets unregistered foreign crypto exchanges and has strengthened regulations, including an amendment to the Financial Instruments and Exchange Act in 2024, focusing on crypto derivatives trading and imposing stricter penalties on non-compliance.
Bybit's Regulatory Compliance Efforts
- Bybit has secured a regulatory license in the UAE, becoming the first to obtain full Virtual Asset Platform Operator approval from the UAE’s Securities and Commodities Authority.
- This achievement underscores Bybit’s dedication to compliance and transparency.
Additionally, Bybit has formed strategic partnerships to enhance its global presence. It recently collaborated with Thredd to expand multi-currency crypto-linked debit card programs using Thredd’s infrastructure for card issuance and real-time control features.