Cryptocurrency News

Japanese watchdog issued warning to crypto derivatives exchange Bybit

Singapore-based Bybit, world’s FifthAccording to official warnings, the largest cryptocurrency derivatives exchange by trading volume is reportedly running unregistered crypto services in Japan.

Japan Financial Services Agency Was released A formal warning letter to Buybit stating that the firm is not registered to operate crypto services in the country.

The warning comes in response to Bybit’s marketing campaign allegedly targeting Japanese investors, according to Norbert Gehrke, founder and representative director of tech hub Tokyo Fintech.

“Such public reprimand for running an unregistered business has not taken place for some time, so it is believed that the FSA has seen aggressive marketing by Bibit to Japanese investors offering their website in Japanese and Japanese IP Is beyond the usual violation of not blocking. Addresses, “Gehrke wrote In a blog post.

Gehrke claimed that Bybit’s Japanese Website It makes no mention that local investors are not allowed to access the platform and does not prevent local IPs from accessing it. He said other exchanges such as the Panama-based crypto derivatives exchange Deribit blocked Japan-based IP addresses.

according to a Notice On Deribit’s Japanese Telegram channel, Deribit banned Japanese users from accessing its platform on May 1, 2020.

Bybit and the FSA did not immediately respond to Cointegraph’s request for comment.

In March, Bybit Suspended services for customers in the United Kingdom Following a complete ban on retail crypto derivatives trading by the FSA.