Japanese Regulator Issues Warning Against LBank

The Japanese financial regulatory body has officially cautioned the LBank Exchange for targeting Japanese investors without proper registration, indicating a stricter approach towards overseas cryptocurrency exchanges catering to the Japanese market.

On June 14, the Financial Services Agency (FSA) sent a warning to LBank Exchange for offering cryptocurrency services to Japanese residents without meeting the necessary registration requirements.

According to Japanese law, all domestic exchanges must be authorized by the FSA to operate.

The FSA’s rigorous application process has deterred several major players from entering the Japanese market and prompted many to exit in recent years.

Furthermore, the law also applies to overseas firms that actively target Japanese investors, who must either comply with FSA regulations or cease their activities in the country.