Bitget set to exit Japan, close all remaining positions by year-end
Crypto exchange Bitget is exiting the Japanese market following new regulatory requirements that classify cryptocurrencies as financial instruments. The company will close all Japanese user positions by the end of the year.
Why it matters
Stricter regulatory compliance in Japan is forcing international crypto platforms to either register locally or cease operations, impacting global market access.
The crypto exchange, ranked fifth by Coingecko with trading volume of roughly $714.7 million over the past 24 hours, stopped accepting new registrations from Japanese residents on Sunday, according to a Monday announcement .
Japan reclassified cryptocurrencies as financial instruments following l egislation approved by its parliament in mid-July. The new rules are expected to take effect next year and include fines of about $62,800 and prison sentences of up to 10 years for operation without registration.
Existing users who believe Bitget has incorrectly identified them as Japanese residents must complete a Level-2 identity verification, including proof of address by Nov. 1, the company said. Accounts that do not complete the process will be considered Japanese, it added.
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