Crypto exchange to exit major market amid crackdown

Crypto exchange to exit major market amid crackdown

Mon, August 3, 2026 at 9:15 PM GMT+3 1 min read

Bitget, the crypto trading exchange founded eight years ago in 2018, is going to stop offering crypto trading services to residents of Japan, the firm said on Aug. 3.

New registrations for Japanese residents won't be accepted after Aug. 3 as Bitget aims to become compliant with local regulatory norms.

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Gradual restrictions for Japanese residents will be applied Nov. 1 onwards, with any remaining positions to be forcibly closed from Dec. 31 onwards, the crypto exchange said.

Bitget asked users who have received a notification identifying them as Japanese residents to complete their identity verification (proof of address/know your customer) so that they have uninterrupted access to their accounts.

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The crypto exchange warned that if a user doesn't complete this verification process by Nov. 1, their account will automatically be categorized as belonging to a resident of Japan.

Bitget said it will email detailed instructions on the next steps and how to manage assets.

It was in March 2023 that Japan's Financial Services Agency first warned Bitget for allegedly offering unregistered cryptocurrency services to Japanese residents, repeating the warning in November 2024.

Last month, Bitget CEO Gracy Chen revealed the crypto exchange plans to enter the U.S. market regardless of whether Congress passes the Digital Asset Market Clarity Act. It plans to pursue money-transmitter, derivatives and broker-dealer approvals before launching services, she said.

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This story was originally published by TheStreet on Aug 3, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.