Bitget announced today it will phase out its operations in Japan, stopping new user registrations and requiring all existing positions to be closed by December 31, 2026. The move follows sustained regulatory pressure from Japan's Financial Services Agency, which has been cracking down on unregistered overseas crypto exchanges. The announcement was made on August 3.
What users need to know
Japanese users must complete identity verification by November 1, 2026, or face restrictions on their accounts. The exact nature of those restrictions wasn't specified. Bitget's app has already been removed from Japan's App Store, though web and Android access remain available for existing users. New registrations are no longer accepted. The phased exit will unfold over the next five months, with the final closure on December 31.
Regulatory backdrop
Japan requires all crypto service providers to register with the Financial Services Agency under the Payment Services Act. The FSA issued warnings to Bitget and other overseas exchanges in November 2024 for operating without a license. The latest announcement suggests the regulator is moving from warnings to enforcement, forcing Bitget to wind down its presence in the country.
Yen turmoil and intervention
Separately, Japan's currency has been under severe pressure. The yen slid toward a 40-year low near 164 per dollar in late July, prompting the government to spend tens of billions of dollars buying yen. The US and Japan conducted a rare coordinated intervention — the first in 15 years — targeting excessive volatility. The yen rebounded sharply to 155 per dollar. Finance Minister Satsuki Katayama and US Treasury Secretary Scott Bessent confirmed the operation and indicated readiness for further action. President Donald Trump commented, saying 'We're always there for Japan.'
For Bitget users, the clock is ticking. Verification must be completed by November 1, and all positions will be forcibly closed by year-end. Meanwhile, Japan's finance ministry and the US Treasury have made clear they stand ready to intervene again if yen volatility spikes.
