Crypto Exchange Bybit Gets Warning From Japan’s FSA

Jun 01, 2021 | News On Japan

Jun 01, 2021 (yahoo.com) - On Monday, Japan’s Financial Services Agency (FSA) issued a warning to crypto exchange Bybit over unregistered operations.

Crypto derivatives exchange Bybit Fintech Limited has been officially warned by the FSA for running its operation without proper registration. Bybit functions as a crypto derivative exchange offering futures in digital currency, perpetual swaps, and a number of other contracts used by crypto traders.

The warning alleges that Bybit’s operations are giving Japanese traders the ability to leverage the exchange and that the exchange has yet to register with the FSA. This marks the first warning the FSA has sent out in more than three years to a crypto exchange.

The last being Binance back in 2018 for failing to meet similar registration requirements. Currently, Japan has more than two dozen crypto exchanges operating with proper registration under the FSA.

This marks the second warning for Bybit, though the first in Asia. Earlier in the year, the United Kingdom’s Financial Conduct Authority (FCA) issued a similar warning to Bybit. The FCA was a bit sterner with their wording, and Bybit halted all operations in the U.K.

Despite these recent hurdles, Bybit still ranks in the top five in terms of the largest bitcoin (BTC) futures exchanges volume of trades.

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