Bitget is preparing to exit Japan, with the crypto exchange planning to stop serving local users and complete the closure of all remaining positions by Dec. 31.
The platform said it will discontinue crypto trading services for Japanese residents as part of its broader effort to meet the country’s regulatory standards.
According to an announcement released Monday, Bitget stopped accepting new registrations from users in Japan on Sunday. The exchange is currently ranked fifth on CoinGecko, with roughly $714.7 million in trading volume recorded over the past 24 hours.
Japan has recently moved to strengthen oversight of the digital asset sector by classifying cryptocurrencies as financial instruments under new legislation approved by parliament in July. The upcoming rules are expected to introduce tougher penalties for unregistered crypto operators, including fines of about $62,800 and prison terms of up to 10 years.
Bitget said customers who believe they were incorrectly flagged as Japanese residents must complete Level-2 identity verification by Nov. 1. The process requires additional documents, including proof of address. Users who fail to complete the verification will continue to be treated as Japan-based customers.
Beginning Nov. 1, those accounts will be placed into close-only mode, meaning users will no longer be able to create new positions, increase existing trades, or access services such as spot markets, futures, copy trading, automated bots, and earning products. Limited deposits and withdrawals will remain available.
The exchange said it will automatically close all remaining positions on Dec. 31 and halt its card-related services. Customers will continue to have access to withdrawals after the shutdown period begins.
Bitget, which is registered in Seychelles, did not reveal whether a specific regulatory action led to the decision. The company also did not immediately respond to requests for additional information.
Japan requires crypto platforms serving domestic users to register with the Financial Services Agency (FSA) and comply with strict operating rules. Regulators have consistently taken action against overseas exchanges that provide services in the country without authorization.
In 2023, Japanese authorities issued warning notices to Bitget, Bybit, BitForex, and MEXC, alleging that the platforms were operating in Japan without the required registrations and were not complying with the country’s fund settlement regulations.
