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Bitcoin:
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BTC Dominance:
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Market Cap:
$2.21 T

Japan Issues Warning to Offshore Crypto Exchange LBank Exchange

Exchange

Amidst the growing popularity of cryptocurrencies in Japan, the country’s financial watchdog has issued a warning against an offshore crypto exchange.

The Japanese Financial Services Agency (FSA) has taken action against LBank Exchange, an offshore crypto exchange operating without proper registration. According to a report by CoinPost, the FSA noted that LBank Exchange has an “unknown address” and an “unknown representative” and has been conducting cryptocurrency exchange trading with Japanese residents as counterparties. This, according to the statement, violates the FSA’s operational guidelines that require exchanges to be registered and adhere to certain standards to ensure investor protection.

LBank Exchange, a small to medium-sized exchange based on CoinGecko data, ranks 56th in terms of 24-hour spot trading volume. Despite its size, the exchange’s lack of transparency and regulatory compliance has raised concerns among Japanese authorities.

This is not the FSA’s first move against unregistered exchanges. In March of last year, the agency issued warnings to four other companies, Bybit Fintech Limited, MEXC Global, Bitget Limited, and Bitforex Limited, for providing cryptocurrency trading services without registration. Despite these warnings, access and trading on these platforms from Japan remains possible.

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