The Financial Services Agency of Japan issued warning letters to five unregistered overseas cryptocurrency exchanges, including KuCoin

2024-11-29 20:39:27
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ChainCatcher news, according to CoinPost, the Financial Services Agency of Japan has issued a warning letter to five overseas exchanges engaged in cryptocurrency trading without registration.

The exchanges that received the warning include:

  • KuCoin
  • bitcastle LLC
  • Bybit Fintech Limited
  • MEXC Global
  • Bitget Limited

According to Japanese law, companies engaged in cryptocurrency trading must complete registration with the Financial Services Agency or the local financial bureau. Unregistered exchanges are not regulated by the Financial Services Agency of Japan, making it impossible to confirm whether they properly manage key operations such as the separation of customer assets. In the event of a dispute or unexpected situation, customers will not be protected by Japanese authorities. Additionally, customer assets will not enjoy protections or compensation based on Japanese law, facing additional risks.

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