Bitget Leaves Japan as Exchange Completes Exit Plan and Ends Local Trading Activity

Bitget is set to leave the Japanese market, with the crypto exchange planning to discontinue services for local customers and shut down all remaining positions by Dec. 31.

The exchange said the decision to stop serving Japanese residents is part of its effort to align operations with Japan’s regulatory framework.

Bitget stopped allowing new registrations from users in Japan on Sunday, according to a Monday announcement. The platform currently ranks fifth on CoinGecko, reporting approximately $714.7 million in trading volume over the previous 24 hours.

The move follows Japan’s recent decision to bring cryptocurrencies under financial instrument regulations after lawmakers approved new legislation in July. The upcoming rules are expected to introduce stricter enforcement measures, including penalties of around $62,800 and possible prison sentences of up to 10 years for companies operating without registration.

Bitget said users who believe they were incorrectly classified as Japanese residents must complete Level-2 verification by Nov. 1. The additional review requires proof of address and other identity documents. Accounts that fail to complete the process will continue to be treated as Japan-based accounts.

From Nov. 1, those accounts will be restricted to close-only mode. Customers will no longer be able to open new trades, increase existing positions, or use services including spot trading, futures trading, copy trading, trading bots, and earning products. Deposits, subject to certain limits, and withdrawals will remain available.

The exchange will close any remaining open positions on Dec. 31 and suspend its card services. Customers will continue to have the option to withdraw their assets after the closure date.

The Seychelles-based crypto company did not identify a specific regulatory event that led to the decision and had not provided further details when approached for comment.

Japan requires crypto exchanges serving domestic customers to register with the Financial Services Agency (FSA) and comply with strict local rules. Authorities have taken a firm stance against foreign platforms operating without the necessary approvals.

In 2023, Bitget, along with Bybit, BitForex, and MEXC, received warnings from Japanese regulators over allegations that the exchanges were offering services to users in Japan without proper registration, potentially violating the country’s fund settlement regulations.