Japan's Financial Services Agency (FSA) has issued a warning letter to four leading cryptocurrency platforms, including Bitget, Bybit, MEXC Global, and BitForex, for failing to receive proper registration.
The FSA has stated that the companies violated the nation's fund settlement laws by conducting crypto asset exchange business without registration. These flagged platforms have a combined user base of over 21 million.
Meanwhile, two of the largest cryptocurrency exchanges, Kraken and Coinbase, have left Japan citing unsatisfactory market conditions. Binance has strengthened its presence in the country by purchasing Sakura Exchange BitCoin (SEBC) in November last year.
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