Bybit Halts New User Sign-Ups in Japan To Comply With Evolving FSA Guidelines

Core Insights - Bybit will suspend new user registrations in Japan starting October 31 to comply with tightening financial regulations [1][3] - The decision follows a challenging year for Bybit, including a significant hack in February that has influenced its regulatory approach [2][8] Regulatory Environment - Japan is developing a comprehensive regulatory framework for digital assets under the oversight of the Financial Services Agency (FSA) [1][5] - The FSA has proposed a "Crypto Assets and Innovation Division" to enhance its ability to monitor crypto assets and promote responsible innovation [5] Bybit's Operations - From October 31, Bybit will no longer accept new account sign-ups from Japanese residents, but existing users will not be affected [3][4] - Bybit aims to focus on understanding and meeting local regulatory requirements in Japan [4][7] - The company has been increasing its commitment to regulatory compliance following a $1.5 billion hack attributed to North Korea's Lazarus Group [7][8]