Eighth Largest Crypto Exchange Declares Service Suspension In Japan

Hitbtc japan ban

The world’s eighth largest crypto exchange according to Coinmarketcap, Hitbtc, declared a service suspension for Japanese residents.

“You shall not use our services and immediately cease using those if you are a resident or become a resident at any time of the state or region where Hitbtc is not authorized to act,”

The Hong Kong-based exchange attached a new section called Service Restriction to the Legal Information page of its Terms of Service.

“In case our technology detects that you use our services from an IP address registered in Japan or any other services registered in Japan, you would be asked to confirm that you are not a resident of Japan by providing information on your residency within KYC procedure,”

the exchange elaborated. It also posted a notice on its website on Sunday regarding the suspension, restating and confirming that it will apply only to those residing in the country.

Japanese Payment Services Act legalized cryptocurrency as a means of payments effective April last year, which Hitbtc refers to. It also requires any crypto exchanges operating in the country to register with the country’s financial authority, the Financial Services Agency (FSA).

Hitbtc announced that it has been working with a Japanese law firm with the aim “to get Hitbtc through the local subsidiary setup and licensing procedure to resume its services” for Japanese residents

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