In a recent warning letter published by Japan’s Financial Services Agency (FSA), it was noted that several foreign cryptocurrency exchanges, specifically Bybit, BitForex, MEXC Global, and Bitget, have been operating in the country without the requisite registration. Such conduct is regarded as a violation of the nation’s fund settlement laws. The FSA cautioned, however, that the list of non-registered traders should not be taken to accurately reflect the present status of unregistered business.