Analysis
The FSA Has Warned Bybit Three Times. Japan's List of Unregistered Crypto Platforms
All 25 FSA warnings to unregistered operators since 2018, and the administrative actions that reached FTX Japan and DMM Bitcoin.
The short version: the FSA lists 25 warnings to operators that did crypto-asset exchange business without registration: 22 to overseas platforms and 3 to domestic ones. Bybit has been warned three times (May 2021, March 2023, November 2024), MEXC and Bitget twice each. On 28 November 2024 the FSA warned five overseas operators at once, including KuCoin (FSA list, FSA).
What the Warnings Say
Each overseas entry describes the same conduct: crypto-asset exchange business “with residents of Japan via the internet” without registration (our translation). The FSA cautions that the list shows operators at the time the warning was sent. The latest entry, posted Sep 2026, is Izakaya Limited.
Binance
The FSA warned Binance in March 2018 and Binance Holdings Limited in June 2021. Binance Japan is a separate company that has been on the register since 14 October 2022 (Binance Japan, offshore entity).
Administrative Actions
The FSA's crypto-asset page lists 31 administrative actions, 22 of them in 2018. Recent ones include business suspension and improvement orders against FTX Japan in November and December 2022, including an order to hold assets in Japan; a business suspension and improvement order against CoinBest in June 2024; and a business improvement order against DMM Bitcoin on 26 September 2024. DMM Bitcoin is not on the register as of 30 Sep 2026.
Since 12 August 2026, higher penalties for unregistered business apply under the 2026 amendment (FSA). Full lists: warnings and actions.
Sources
- FSA list of unregistered operators www.fsa.go.jp
- FSA crypto-asset page www.fsa.go.jp