Skip to main content

Japan’s Top Financial Watchdog Sends a Warning Crypto Derivatives Exchange Bybit

Japan's Top Financial Watchdog Sends a Warning Crypto Derivatives Exchange Bybit

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.



from Bitcoin News https://ift.tt/3uDH6kX
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more