Bybit has announced that new registrations for Japanese users will no longer be accepted on its platform.
As of Oct. 31, top cryptocurrency exchange Bybit will no longer allow new Japanese users to register on its platform. Markedly, this is only a temporary arrangement that will remain for as long as it takes for it to comply with regulatory guidelines set by the Financial Services Agency of Japan.
Will Bybit Ban All Users?
This move reflects the exchange’s commitment to investors’ protection and regulatory compliance across jurisdictions. This move applies to both individuals and corporations in Japan, but existing users are not affected.
There are suspicions that it may not remain so for a long time, especially after Binance banned Japanese users back in 2018. It was not until recently that it returned to the country through a 100% acquisition of local exchange Sakura Exchange BitCoin. Meanwhile, it is worth noting that authorities in Japan have become more intentional about crypto operations.
Japan’s Financial Services Agency has an interest in foreign crypto exchanges operating within its region without registration. It has established rules like the 2024 amendment to the Financial Instruments and Exchange Act, which strengthened regulations on crypto derivatives trading. It also imposed stricter penalties on unregistered operators.
Bybit Secures Regulatory License in UAE
In the same spirit of regulatory compliance, Bybit received a license in the UAE, becoming the first crypto exchange to bag the full Virtual Asset Platform Operator permission in the UAE.
It obtained the license from the Securities and Commodities Authority. According to Ben Zhou, the firm’s CEO and co-founder, receiving the approval is “a testament to Bybit’s unwavering commitment to building trust through compliance and transparency.”
Apart from securing regulatory approvals, the crypto exchange has inked some strategic partnerships for its expansion. Around the time when it announced the registration pause for new users in Japan, the firm also bagged a deal with Thredd. The duo has collaborated to scale multi-currency crypto-linked debit card programs across key global markets.
The deal will leverage Thredd’s infrastructure for Bybit card issuance, wallet tokenization, localized BIN issuance, and real-time card control features.
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