On November 29th, according to CoinPost, the Japanese Financial Services Agency issued warning letters to five unregistered overseas cryptocurrency exchanges. These exchanges include KuCoin, bitcastle LLC, Bybit Fintech Limited, MEXC Global, and Bitget Limited.
The Financial Services Agency pointed out that these exchanges are providing cryptocurrency trading services to Japanese users without permission, violating Japanese regulations related to cryptocurrency trading. Since unregistered exchanges are not regulated by the Financial Services Agency, the management and security of their customers' assets cannot be guaranteed. In the event of disputes or accidents, users may not be able to obtain legal protection and are not covered by Japan's asset preservation or compensation mechanisms under Japanese law.