PANews reported on November 29 that according to CoinPost, the Japanese Financial Services Agency issued warnings to five unregistered overseas cryptocurrency exchanges. These exchanges include KuCoin, bitcastle LLC, Bybit Fintech Limited, MEXC Global and Bitget Limited.

The Financial Services Agency pointed out that these exchanges provided cryptocurrency trading services to Japanese users without permission, violating Japanese regulations on crypto asset trading. Since unregistered exchanges are not regulated by the Financial Services Agency, the management and security of their customer assets cannot be guaranteed. In the event of a dispute or accident, users may not be able to obtain legal protection, and are not subject to asset preservation or compensation mechanisms under Japanese law.