Bybit to Restrict Services for Japan Residents from Late March

Bybit to Restrict Services for Japan Residents from Late March

Bybit announces a phased service shutdown for Japan residents, starting with 'close-only' accounts in March 2023, followed by forced position closures by July 22, 2023, due to stricter regulations from Japan’s Financial Services Agency.

Fact Check
The assessment is based primarily on the highest authority and most relevant source, the official "Service Changes for Japanese Residents" announcement from Bybit itself. This primary source directly confirms that there will be service changes and restrictions for residents of Japan. While the provided summary does not explicitly state the 'late March' timeline, an official announcement of this nature is the precise place where such a timeline would be detailed, making it highly probable that the full announcement supports the entire statement. This core evidence is further corroborated by a post on X, which, despite being a lower-authority source, directly states that Bybit announced it would be phasing out its services for Japanese residents. The other highly authoritative source, Bybit's "Service Restricted Countries" page, also supports the general premise of restrictions. There are no sources that contradict the statement. The remaining sources are either irrelevant to the claim or provide only general, non-specific context. The existence of a direct, official announcement is definitive evidence that restrictions are being implemented, making the statement highly likely to be true.
Summary

Bybit will begin a phased shutdown of its services for Japan residents, transitioning accounts to 'close-only' mode on March 23, 2023. All open positions will be forcibly closed by July 22, 2023, in response to increased regulatory oversight from Japan’s Financial Services Agency.

Terms & Concepts
  • Close-only mode: A trading restriction allowing users to close existing positions but not open new ones.