Bitget announced it will stop accepting new Japanese registrations and gradually wind down accounts, ending with forced position closures by December 31, 2026. The exchange outlined a timeline where users identified as Japanese must complete verification by November 1, 2026, or face restrictions leading to mandatory closure of open positions by year-end.
This decision follows intensified regulatory demands in Japan. The country’s Financial Services Agency enforces strict licensing rules under the Payment Services Act, compelling crypto platforms serving Japanese residents to register and comply with high capital, custody, and anti-money laundering standards. Bitget was warned in November 2024, and its app was subsequently removed from Japan’s App Store, though web and Android access stayed available.
Yen Volatility Adds Pressure
The announcement also comes as Japan’s yen experiences sharp instability. By late July, the currency hit a 40-year low near 164 per dollar, largely due to interest rate gaps and carry-trade activities. Authorities intervened with massive purchases of yen, estimated in the tens of billions, to stabilize the currency. A rare coordinated effort between Japan and the US aimed to curb disorderly moves, briefly pushing the yen back to around 155 per dollar.
Bitget framed its exit as a move aligned with regulatory compliance, sending affected users detailed withdrawal instructions. The tightening crypto environment in Japan reflects broader challenges for overseas exchanges trying to navigate increasingly strict frameworks and currency fluctuations.
Material is for informational purposes and not financial advice.
