Bitget set to exit Japan, close all remaining positions by year-end
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Bitget has announced it will cease all cryptocurrency trading services for residents of Japan by December 31, 2026. The company has already stopped accepting new registrations from Japanese users and will close all remaining positions by year-end. This action is part of Bitget’s efforts to comply with Japan’s tightening regulatory environment concerning unregistered foreign crypto platforms.
Why it matters
This development illustrates the impact of Japan’s new regulatory framework, which classifies cryptocurrencies as financial instruments and imposes significant penalties for unregistered foreign exchanges operating in the country. Bitget’s exit underscores the enforcement of these regulations and the pressure on foreign exchanges to either register or withdraw services, affecting accessibility for Japanese crypto users.
Key context
Japan’s parliament approved legislation in mid-July 2026 that reclassifies cryptocurrencies as financial instruments, with the reforms set to take effect next year. These rules include fines of approximately $62,800 and prison sentences of up to 10 years for unregistered operation. Bitget, along with other crypto platforms like Bybit, BitForex, and MEXC, previously received warning letters in 2023 for operating without registration in Japan.
Key numbers and entities
Bitget, a Seychelles-registered crypto exchange ranked fifth by Coingecko with a 24-hour trading volume of around $714.7 million, will stop all Japanese operations by December 31, 2026. The penalties under Japan’s new rules include fines of about $62,800 and prison sentences of up to 10 years. Other platforms mentioned for regulatory warnings include Bybit, BitForex, and MEXC.
What remains unclear
Bitget did not specify a particular regulatory action or change that prompted its decision to exit Japan. The company also did not respond to CoinDesk’s request for additional information. The source does not flag any other open questions explicitly.