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

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
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

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more