Japan’s financial regulator has issued a fresh warning to KuCoin for operating without proper registration. The Financial Services Agency said the exchange was offering over-the-counter derivatives trading services to users without approval.
KuCoin was specifically flagged for targeting Japanese residents, even though it is not registered in the country. The regulator also named other platforms involved in similar activities, highlighting ongoing concerns about unregulated crypto services.
This is not the first time KuCoin has faced scrutiny in Japan. In previous actions, authorities had warned exchanges and even requested app stores to remove certain crypto applications from their platforms.
With more than 12 million user accounts, Japan is one of the world’s most active cryptocurrency markets. Regulators are concentrating on bolstering oversight as use increases in order to safeguard investors and guarantee compliance.
Additionally, the nation intends to change its regulatory framework to more stringent financial rules, which will grant authorities more authority to enforce them. This could have a big effect on how exchanges function and provide services in Japan.
The warning draws attention to the growing pressure on international cryptocurrency platforms to abide by regional laws. In order to preserve market stability, it also indicates that Japan would keep enforcing tight regulations on unregistered businesses.
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