Bitget Halts Operations in Japan
In a significant move, Bitget has decided to halt operations for customers in Japan, immediately ceasing the registration of new accounts and preparing to impose restrictions on existing ones. As announced on Monday, the cryptocurrency exchange has stated that no further new accounts will be created for residents of Japan, with account limitations set to commence on November 1. Furthermore, any open trading positions will be automatically settled by December 31, reflecting the exchange’s exit strategy from the Japanese market.
Identity Confirmation Requirements
Bitget indicated that users who believe they have wrongly been categorized as Japanese residents must provide Level 2 identity confirmation, which involves validating their address, prior to the November deadline. If they do not meet the requirements, those accounts will retain their classification as Japanese and face the impending restrictions.
Affected users can expect detailed instructions via email concerning the steps necessary to withdraw their assets or manage their accounts accordingly. This decision comes amidst persistent scrutiny from Japanese regulatory bodies, who have been vigilant regarding the activities of cryptocurrency exchanges operating within the region without proper licenses.
Regulatory Scrutiny and Warnings
In March 2023, Japan’s Financial Services Agency issued a warning to Bitget for allegedly providing cryptocurrency services to Japanese nationals without the mandated registration.
The agency reiterated this alert in November 2024, expressing concerns about the platform’s continued operations without the requisite approval. Further regulatory action was taken in June 2025 when the Kanto Local Finance Bureau cautioned BTG Technology Holdings Limited—linked to Bitget—regarding unregulated solicitations for online derivatives transactions.
Shift in Strategy
Instead of striving for local approval, Bitget has shifted its focus to winding down its services in Japan, with new registrations closed and current accounts moving towards enforced restrictions. This shift mirrors a broader strategy the exchange has employed in other regions, where the availability of its services hinges on adherence to local regulations rather than a centralized global framework.
Notably, in July, Bitget openly acknowledged it does not possess any registration or approval from the Monetary Authority of Singapore, further delineating that it does not provide services to Singaporean residents, emphasizing its compliance with local guidelines.
Regulatory Approvals in Other Markets
In contrast to the withdrawal from certain markets, Bitget is actively seeking necessary regulatory approvals in others. Recently, it achieved registration in New Zealand’s Financial Service Providers Register, covering a range of financial services, while also joining the local Insurance and Financial Services Ombudsman dispute resolution scheme. However, the Companies Office in New Zealand clarified that registration alone does not equate to government endorsement or active oversight, indicating the need for additional approval for specific financial operations from the relevant local authorities.
Future Plans and Global Expansion
CEO Gracy Chen has previously stated the exchange’s commitment to fulfilling local regulatory obligations as part of its global expansion strategy. While reducing its footprint in areas where it lacks licenses, the company is simultaneously positioning itself for growth in markets where it can secure appropriate regulations.
In upcoming developments, Bitget is planning to form a distinct entity in the United States, intending to offer its services there only after obtaining necessary licenses for money transmission, broker-dealer activities, and derivatives trading, independent of potential legislative changes such as the CLARITY Act. Additionally, Bitget has been expanding its offerings in tokenized investments, with tokenized traditional assets constituting a notable percentage of its trading volume recently, signifying a diversification strategy as it navigates the global regulatory landscape.
