The Japanese Financial Services Agency published a list of unregistered cryptocurrency exchanges for November, which includes Bybit, MEXC, Bitget, KuCoin, and bitcastle. The main reason is that these platforms provide cryptocurrency exchange services to residents in Japan through online services. Bybit has already received three warning records, and both MEXC and Bitget were warned last March, but there have been no specific enforcement actions, indicating the limited effectiveness of this announcement.

In addition, this July, many users of the unregistered exchange Gate.io in Japan announced their departure from the Japanese market to comply with FSA regulations. It is reported that the operator intends to acquire a local registration license through acquisition.

Taiwan also has a warning list, but it holds no substantial meaning.

Taiwan's Financial Supervisory Commission announced guidelines for virtual currency operators, adopting a registration system, transitioning from the original anti-money laundering declaration system. The Taiwan Securities Association also has a warning website area for 'non-FSC-approved securities and futures operators and products,' where almost all of the aforementioned non-compliant exchanges are listed. However, in practice, it does not provide consumers with substantial protection, nor is there any enforcement action. Currently, it appears that Taiwan's regulatory authorities can only assist consumers in choosing compliant operators by marking them as 'compliant,' with no proactive constraints on non-compliant operators; for investors who love to take risks, warnings may only serve as a formality.

Taiwan's VASP Association adopted international anti-money laundering standards to launch self-regulatory guidelines, detailing 'advertising solicitation' content. Compared to offshore operators with diverse businesses and few restrictions, this can be seen as a loss of capability, leaving only the advantage of higher costs to solidify fiat currency inflow and outflow.

Further Reading
Taiwan's Virtual Asset Self-Regulation Guidelines! Eight Major Impacts on Businesses and KOLs at a Glance

[Disclaimer] The market has risks, and investment should be done with caution. This article does not constitute investment advice. Users should consider whether any opinions, views, or conclusions in this article fit their specific circumstances. Investment based on this is at one's own risk.

  • This article is reprinted with permission from: (Chain News)

'Japan Warns Unregistered Exchanges! Four Major Platforms Listed, But Why Is It Essentially Useless' This article was first published in 'Crypto City'