Five cryptocurrency exchanges were warned from Japan.
Japan's Financial Services Agency (FSA) today issued warning letters to five offshore cryptocurrency exchanges that have failed to register.
According to local news agency Coinpost, Japan's FSA has issued a warning to five cryptocurrency exchanges: KuCoin, bitcastle, Bybit, MEXC Global and Bitget.
“Operating a cryptocurrency exchange in Japan requires registration with the Financial Services Agency and the Local Finance Bureau, but these exchanges appear to be providing services to Japanese users without permission,” the warning said.
Since unregistered exchanges are not subject to FSA supervision, it is not possible to check whether the authorities protect customer assets in case of problems or unforeseen situations. The FSA also added that people who hold money on these exchanges are not covered by legal guarantees such as protection and compensation under Japanese law.
*This is not investment advice.
