In order to abide by the local laws, Bybit has decided to shut down its entire operation with the Japanese citizens.
The crypto exchange has made an announcement that starting in 2026, the accounts of those users who are considered to be residing in Japan will be subject to limitations. These limitations will be implemented step by step and not all at once.
Bybit, on the other hand, stated that there might be instances where some users are incorrectly classified. Such customers have been asked to go through an additional identity verification process to establish their residency.
Bybit is frequently ranked as the world’s second-largest cryptocurrency exchange with respect to the daily trading volume. Presently, the exchange, according to data from CoinGecko, is facilitating around $4.3 billion worth of trading activities in each 24-hour period.
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This move is part of a bigger design of Bybit to exit the Japanese market. The company had previously shared in October that it would halt new user registrations in Japan while still maintaining communication with the Financial Services Agency (FSA) of Japan.
