Bitget is winding down its crypto services for residents of Japan, starting with a halt to new account registrations and a timetable for restricting existing accounts later this year. The exchange said restrictions for affected users will begin on Nov. 1, and any positions still open on Dec. 31 will be closed automatically as part of the withdrawal process.
The planned exit comes after Japanese regulators warned that Bitget was operating without local authorization. The company has also said it intends to leave markets where it does not hold the required approvals while seeking licenses before expanding elsewhere.
New signups halted and restrictions scheduled
Under Bitget’s plan, residents of Japan can no longer open new accounts on the platform. For users already identified as living in Japan, account restrictions are due to start on Nov. 1.
The exchange also set a final year-end deadline for outstanding positions. Any positions that remain open on Dec. 31 are set to be closed automatically, according to the withdrawal plan described in the company’s notice.
Verification deadline for disputed residency status
Bitget said some users may believe they were incorrectly classified as Japanese residents. Those users must complete Level 2 identity verification, including address verification, before Nov. 1 if they want to challenge that classification.
Accounts that do not complete the required checks by the deadline will be treated as Japan-resident accounts and will face the same restrictions. Bitget said affected users will receive additional instructions by email, including the steps they need to take and options for handling or withdrawing assets.
Warnings from Japanese authorities preceded the exit
The withdrawal follows warnings from Japan’s Financial Services Agency, which said Bitget was operating without proper local authorization. The company was also the subject of a separate warning from the Kanto Local Finance Bureau.
That second warning concerned alleged unregistered solicitation of over-the-counter derivatives. The notices added pressure on the exchange’s presence in Japan and were followed by the decision to stop onboarding local users and begin closing down services for residents.
Part of a broader market-by-market approach
Bitget has framed the Japan move as consistent with a broader strategy of leaving jurisdictions where it lacks authorization instead of continuing to operate without local approval. At the same time, the exchange has said it plans to expand in other regions through locally compliant structures.
As one example of that approach, Bitget has said it intends to establish a separate U.S. entity and seek the relevant regulatory approvals before entering that market. For Japan-based users, the next confirmed steps are the Nov. 1 start of account restrictions and the automatic closure of any remaining positions at the end of Dec. 31.
Source: crypto.news