Bitget exits Japan: stops new users, closes all positions by Dec. 31
Bitget will exit Japan and stop providing crypto trading services to residents. The exchange stopped accepting new registrations from Japanese residents on Sunday and will have no access for people in Japan after Dec. 31.
Japan’s tighter crypto rules are the backdrop. After legislation passed in mid-July, cryptocurrencies are reclassified as financial instruments. The framework is expected to start next year and includes steep penalties for operating without registration, including fines of about $62,800 and potential prison terms up to 10 years.
For existing users, Bitget requires Level-2 identity verification (including proof of address) by Nov. 1 for anyone who believes they were wrongly identified as a Japan resident. Accounts that do not complete the process will be treated as Japanese.
From Nov. 1, those accounts move to “close-only” mode: no opening or adding positions, and no use of spot, futures, copy trading, trading bots, or earn products. Deposits (within limits) and withdrawals remain available. Bitget will forcibly close all remaining positions on Dec. 31 and will also suspend card services; users can still withdraw assets after that date.
The Seychelles-registered firm did not cite a specific regulatory trigger. In 2023, it (along with Bybit, BitForex and MEXC) received warnings for operating in Japan without proper registration under Japan’s fund settlement laws.
Bearish
Bearish. Bitget exiting Japan is a direct, execution-level response to tighter licensing rules, which typically reduces offshore exchange accessibility and can pressure localized volumes and liquidity. Even though this is region-specific, forced “close-only” transitions plus end-of-year position closures can trigger selling into limited order flow, especially for retail users who must unwind positions.
Historically, when exchanges face new licensing regimes or enforcement in major markets (e.g., sudden access restrictions or forced migration/exit), the near-term impact is often negative for sentiment: users de-risk, derivatives interest may drop, and spreads can widen temporarily. Over the medium term, however, markets may stabilize as traders anticipate clearer compliance boundaries and liquidity redistributes to exchanges that maintain registration.
For traders, the key watch-items are: (1) how much open interest is actually held by Japan-linked accounts, (2) whether other venues see volume inflows to offset the outflows, and (3) any broader risk-off reaction in global exchange tokens or funding rates. Net effect: likely short-term downside pressure and volatility around the close-only start (Nov. 1) and the forced close deadline (Dec. 31).