bitcoin futures, BOJ, BoJ Governor, Bybit, Bybit Fintech Limited, crypto derivatives, crypto derivatives exchange, ethereum futures, fatf, Financial Services Agency, fsa, Futures, Haruhiko Kuroda, Japan, Japan regulation, Japanese Regulators, Regulation, Regulators, South Korea, UK FSA, Warning

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

Japan’s FSA Warns Bybit Fintech Limited

Japan’s top regulator that handles banking, securities and exchange, and insurance sectors within the economy has 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 Bybit’s operators are allowing Japanese citizens to leverage the platform and notes that the exchange has not registered with the regulator.

The news has been spreading like wildfire on social media and people discussed how Binance was warned about the same thing three years ago. In 2018, Japan’s FSA sent Binance a warning for not meeting the regulator’s registration requirements. The issues with Bybit come at a time where regulators all around the world are cracking down on crypto services. Japanese regulators are stepping up regulations like South Korea in order to meet Financial Action Task Force (FATF) virtual asset mandates.

The Bank of Japan (BoJ) Governor Haruhiko Kuroda also slammed the leading digital currency bitcoin (BTC) last week for speculation. “Most of the trading is speculative and volatility is extraordinarily high,†Kuroda told the press last Thursday. “It’s barely used as a means of settlement,†the central bank Governor criticized. The BoJ lead may be pressing the FSA to crack down on speculative trading and crypto derivatives exchanges.

Bybit Abandoned the UK Two Months Ago

A report published in August 2020, shows that Bybit expanded into Japan, South Korea, and Vietnam at that time. The report written by Mohammad Musharraf says Bybit’s platform “added support for the Japanese yen and South Korean won.†Bybit is one of the top five derivatives exchanges worldwide in terms of future volumes. Bybit was also warned by the United Kingdom’s Financial Services Agency last February.

“We believe this firm may be providing financial services or products in the UK without our authorisation,†the UK financial watchdog said at the time. In a blog post published on March 5, the crypto derivatives exchange Bybit revealed it ceased operations in the UK region.

What do you think about Bybit getting a warning from Japan’s top financial watchdog? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Mike Novogratz: Bitcoin Investors Waiting for a New Narrative Shift

Mike Novogratz declared institutional investors are waiting for the next narrative shift in a recent interview at the Bitcoin 2021 conference in Miami. The CEO of Galaxy Digital thinks the market is now in a consolidation phase after the price crash last month. Novogratz also commented on what the rise of defi could mean for […]

Xem chi tiết: Mike Novogratz: Bitcoin Investors Waiting for a New Narrative Shift

South Korea’s Financial Regulator Holds Closed-Door Meeting With 20 Crypto Exchanges

Regional reports disclose South Korea’s Financial Services Commission (FSC) had a closed-door meeting with roughly 20 different cryptocurrency exchanges on June 3. The report highlights that virtual asset business operators (VASPs) that attended the meeting all had ISMS (Information Security Management System) certification. South Korean Regulator Holds a Closed-Door Meeting With 20 VASPs A report […]

Xem chi tiết: South Korea’s Financial Regulator Holds Closed-Door Meeting With 20 Crypto Exchanges

Mt Gox Claimants Have Until October to Vote on Trustee’s Rehabilitation Proposal

Nobuaki Kobayashi, the trustee that’s overseeing the Mt Gox civil rehabilitation proceedings, has published a proposal so Mt Gox claimants can vote in order to get reimbursed. The voting process will end on October 8 and more than 50% of the votes will be needed to solidify the settlement plan. Mt Gox Civil Rehabilitation Voting […]

Xem chi tiết: Mt Gox Claimants Have Until October to Vote on Trustee’s Rehabilitation Proposal

South Korean Financial Supervisory Service Tasked With Crypto Market Oversight

The Financial Supervisory Service of South Korea will lead government efforts to oversee the country’s expanding cryptocurrency market. The agency has been tasked with the job after prolonged discussions over which Korean regulator should be responsible for the industry. Financial Supervisory Service Takes Responsibility for Crypto Sector in Korea It took the government months to […]

Xem chi tiết: South Korean Financial Supervisory Service Tasked With Crypto Market Oversight

Sichuan Energy Officials Plan to Meet in June to Discuss Bitcoin Mining Implications

Ever since government officials in China started talking about cracking down on bitcoin mining and reiterating crypto guidelines from 2017, digital currency proponents and the media have been focused on this region. Just recently, a Chinese state-backed online publication revealed that the Sichuan Energy Regulatory Office plans to hold a meeting on June 2, 2021, […]

Xem chi tiết: Sichuan Energy Officials Plan to Meet in June to Discuss Bitcoin Mining Implications

BOJ’s Kuroda Criticizes Bitcoin — Central Bank Governor Says Trading Is ‘Barley Used for Settlement’

Following the recent developments in China and the environmental concerns about bitcoin’s energy consumption, the Bank of Japan Governor Haruhiko Kuroda criticized the leading crypto asset bitcoin in an interview on Thursday. BOJ’s Kuroda Says Bitcoin ‘Volatility Is Extraordinarily High’ Bitcoin prices have slumped again on Friday after a tumultuous week. After tapping a daily […]

Xem chi tiết: BOJ’s Kuroda Criticizes Bitcoin — Central Bank Governor Says Trading Is ‘Barley Used for Settlement’

South Korea’s ‘Kimchi Premium’ Returns, BTC Prices Up 8% Higher Than Global Average

As cryptocurrency regulation heats up worldwide, South Korean officials have been increasing regulatory discussions concerning the swelling crypto economy. While digital currency markets like bitcoin have tumbled in value in recent times, global crypto market prices have increased across the board on Monday. In South Korea, crypto-assets like bitcoin are once again experiencing a ‘kimchi […]

Xem chi tiết: South Korea’s ‘Kimchi Premium’ Returns, BTC Prices Up 8% Higher Than Global Average

BOJ’s Kuroda Criticizes Bitcoin — Central Bank Governor Says Trading Is ‘Barley Used for Settlement’

Following the recent developments in China and the environmental concerns about bitcoin’s energy consumption, the Bank of Japan Governor Haruhiko Kuroda criticized the leading crypto asset bitcoin in an interview on Thursday. BOJ’s Kuroda Says Bitcoin ‘Volatility Is Extraordinarily High’ Bitcoin prices have slumped again on Friday after a tumultuous week. After tapping a daily […]

Xem chi tiết: BOJ’s Kuroda Criticizes Bitcoin — Central Bank Governor Says Trading Is ‘Barley Used for Settlement’

‘Chinese Invented Paper Money and They Will End It’- Brazil’s Far-Left Praises Digital Yuan  

Bank of Korea Seeking Technology to Develop Digital Currency

South Korea’s ‘Kimchi Premium’ Returns, BTC Prices Up 8% Higher Than Global Average

South Korean Governor Becomes the First Politician to Disclose Publicly His Cryptocurrency Holdings in the Country

South Korean Deputy Prime Minister Eases Anti-Crypto Rhetoric, Aims to Create More Domestic Market Opportunities

Report: Over 100,000 African Youths Have Participated in Binance’s Crypto Education Initiative

Asset Managers UBS, Pimco, T. Rowe Price Caution of Cryptocurrency Investing, Expect Strict Regulations

South Korean Ministries ‘Do Not Want’ to Take Charge of Crypto-Related Regulation, Claims Official

Other Articles