Japan Financial Services Agency (FSA) flagged crypto derivatives exchange Bybit for operating without the necessary registration, according to The Block.
- FSA said it found Bybit granting Japanese investors access to its platform even without the approval to do so.
- Crypto derivatives exchange Deribit has established a mechanism that prohibits Japanese residents from investing in its platform by blocking their IP addresses.
- Such warning is the first from the FSA in over three years, when it warned Binance over unregistered operations in March 2018.
- Binance last year said it would gradually restrict trading functions for Japanese investors, but the exchange is still available at present.
- Bybit was earlier warned by the United Kingdom’s Financial Conduct Authority, and stopped operations in the country.
- Headquartered in Singapore, Bybit is the fourth-largest Bitcoin futures exchange in terms of volumes and open interest.
BTC/USD is up 2.56%