Bybit to progressively suspend services for residents of Japan…effective from next year
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- Bybit announced it will gradually discontinue services for residents of Japan.
- This measure follows the regulatory stance of Japan's Financial Services Agency, suggesting increased regulatory risk within Japan.
- Bybit is scaling back in the Japanese market but is reported to be continuing business expansion in other markets such as the UK and the United Arab Emirates.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Global virtual asset (cryptocurrency) exchange Bybit will gradually discontinue services for residents of Japan. This is a measure to meet local regulatory requirements.
On the 23rd, according to Cointelegraph, Bybit announced in a notice, "From next year, progressive restrictions will be applied to the accounts of users classified as residents of Japan." The exchange asked users who were mistakenly classified as residents of Japan to complete identity verification procedures.
Bybit explained, "From 2026, accounts of residents of Japan will be subject to gradual restrictions, and specific adjustment procedures will be announced later." Earlier, Bybit had suspended new user registrations within Japan in October of last year.
This move aligns with the regulatory stance of the Japan Financial Services Agency. In February this year, the Japan Financial Services Agency requested Apple and Google to suspend app downloads of five unregistered virtual asset exchanges, and Bybit was included on that list. Japan is regarded as one of the countries with strict virtual asset supervision globally.
Bybit is classified among the top global exchanges by daily trading volume, but it appears to have chosen to scale back operations in the Japanese market due to regulatory risk. Bybit has not issued further official comment regarding this measure.
The media reported, "Unlike in Japan, Bybit is resuming and expanding operations in other regions," adding, "Recently it re-entered the UK market after a two-year hiatus, and obtained a virtual asset platform operating license in the United Arab Emirates."
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