Japan's Financial Services Agency (FSA) has issued warnings to four cryptocurrency exchanges—Bybit, Bitget, BitForex, and MEXC Global—for operating without proper registration. These firms allegedly violated Japanese laws on fund settlement by conducting unregistered crypto exchange activities. Bybit, a repeat offender, had previously been flagged in 2021 for similar violations. The FSA emphasized that the list of unregistered exchanges does not necessarily reflect the current status of their operations. Japan, known for its stringent crypto regulations, continues to refine its legal framework, including revising tax rules and exploring policies for stablecoins, NFTs, and DAOs