Bitget exits Japan, closes all positions by year-end

By Khal · · 1 min read

Editorial illustration for: Bitget to exit Japan, close all remaining positions by year-end
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In brief

  • Bitget halted new Japanese registrations, forcing all positions closed by Dec. 31
  • Japanese users enter close-only mode Nov. 1 with restricted trading access
  • Japan's July crypto reclassification as financial instrument triggered the withdrawal

Timeline and operational changes

Bitget will place accounts into close-only mode starting November 1. Users will not be able to open or add to positions or use services, including spot and futures trading, copy trading, trading bots and earn products. Deposits, subject to limits, and withdrawals will remain available. Card services will be suspended on December 31, though users can still withdraw assets after that date.

Existing users who believe Bitget has incorrectly identified them as Japanese residents must complete Level-2 identity verification including proof of address by November 1.

Japan's regulatory shift

The exit follows Japan's mid-July reclassification of cryptocurrencies as financial instruments. Japan requires crypto trading platforms that provide services to people in the country to comply with rules overseen by the Financial Services Agency. Operators who fail to register face steep penalties: fines of about $62,800 and prison sentences of up to 10 years.

Bitget isn't the first major exchange to get caught in Japan's net. Bitget, along with Bybit, BitForex and MEXC, received a warning letter in 2023 notifying them they were operating in Japan without proper registration. The 2023 warning signaled regulators' intent to enforce compliance. Bitget's decision to exit now reflects the rising cost of operating without formal FSA approval.

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