Crypto exchange Bitget will end trading services for Japan residents, having already stopped new user registrations. The company will forcibly close all remaining positions and suspend card services on December 31, while withdrawals remain possible. Bitget says the move reflects efforts to comply with Japanese regulations governing unregistered foreign trading platforms. The exchange, ranked fifth by CoinGecko, recently put some accounts into close-only mode, blocking new spot, futures, copy trading and bot activity. Japan has reclassified cryptocurrencies as financial instruments and is preparing stricter rules, including fines and potential prison for unlicensed operations. Bitget’s exit underscores Japan’s tough stance and may pressure other offshore exchanges serving local users.
This update represents a notable development in the Crypto sector. Organizations and founders tracking this space should evaluate potential strategic and technical implications on their operations.