Bitget to Exit Japan, Wind Down All Positions by Dec. 31
Summary
- Global cryptocurrency exchange Bitget plans to exit the Japanese market and end cryptocurrency trading services for residents of Japan.
- All remaining trading positions held by users in Japan will be closed by Dec. 31, and its card service will also be discontinued, though users will still be able to withdraw their assets after the shutdown.
- Japan passed a bill classifying cryptocurrencies as financial products, and operating without registration could bring penalties of as much as 10 years in prison or a fine of about $62,800.
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Global cryptocurrency exchange Bitget plans to exit Japan and wind down all remaining positions held by users in the country by Dec. 31.
Bitget will end cryptocurrency trading services for residents of Japan to comply with local regulations, CoinDesk reported on Aug. 3. The exchange also stopped accepting new registrations from Japanese residents on Aug. 2, the report said.
Starting Nov. 1, existing users will be barred from opening new trades or increasing existing positions. Spot and futures trading, copy trading, automated trading and yield products will also become unavailable, though withdrawals will continue to be supported.
Bitget also plans to discontinue its card service by Dec. 31. Users will still be able to withdraw their assets after the service ends.
Japan passed a bill last month classifying cryptocurrencies as financial products. The new rules are set to take effect next year, and operating without registration could bring penalties of as much as 10 years in prison or a fine of about $62,800.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.