Japan’s Financial Services Agency (FSA) has issued warning letters to several crypto platforms, including KuCoin, for operating without proper registration. The regulator specifically flagged these companies for offering derivatives trading services to users — including Japanese residents — without authorization.

This move signals stricter enforcement as Japan prepares to tighten its regulatory framework. With millions of crypto users in the country, authorities are increasingly focused on ensuring that exchanges comply with local laws to protect investors and maintain market integrity.