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Japan’s top financial watchdog sends an alert crypto derivatives exchange bybit – regulation bitcoin news

The Japanese government’s Financial Services Agency (FSA) has issued a warning to crypto derivatives exchange Buybit claiming that the trading platform is allowing residents of Japan access to the exchange. The news comes after Bank of Japan Governor Haruhiko Kuroda criticized digital currencies for speculation.

Japan’s FSA warns Bybit FinTech Ltd.

Japan’s top regulator handling the banking, securities and exchange, and insurance sectors within the economy recently Issued a warning To Bybit Fintech Limited. Bybit is a crypto derivatives exchange that offers digital currency futures, perpetual swaps and other types of contracts to crypto asset traders. The FSA’s warning claims that operators of Bybit are allowing Japanese citizens to take advantage of the platform and notes that the exchange has not registered with the regulator.

News is done Spreading Like wild fire on social media and people discussed How Binance was warned about the same thing three years ago. In 2018, Japan’s FSA released Binance a. Sent Warning To not meet the registration requirements of the regulator. The problem with Bybit has come at a time when regulators around the world are tightening up on crypto services. Japanese regulators are Rule forward Like South Korea to fulfill the Financial Action Task Force (FATF) virtual asset mandate.

Bank of Japan (BoJ) Governor Haruhiko Kuroda also pioneered the digital currency Bitcoin (B T c) last week for speculation. “Most of the trade is speculative and volatility is exceptionally high,” Kuroda told the press last Thursday. “It is barely used as a means of settlement,” criticized the central bank governor. The BoJ leadership may pressurize the FSA to tighten speculative trading and crypto derivatives exchanges.

Bybit left the UK two months ago

a Report good Published in August 2020, it shows that Bybit had expanded to Japan, South Korea and Vietnam at the time. The report, written by Mohammed Musharraf, said that Bybit’s platform “added support for the Japanese yen and won the South Korean.” Bybit is one of the top five derivatives exchanges worldwide in terms of future volumes. There was also bibbit Warn Last February by the Financial Services Agency of the United Kingdom.

The UK financial watchdog said at the time, “We believe this firm can provide financial services or products in the UK without our authorization.” In a blog post published on March 5, crypto derivatives exchange Buybit revealed this Discontinued operations In the UK region.

What do you think of the warning to Bibit from Japan’s top financial watchdog? Tell us what you think about this topic in the comments section below.

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