What to Do When Your Overseas Cryptocurrency Exchange Receives a Warning from the Financial Services Agency: 6 Immediate Actions
Overseas cryptocurrency exchanges may not comply with Japanese laws.
The Financial Services Agency has issued warnings to overseas cryptocurrency exchanges that provide services to Japanese residents without registration.
Exchanges that receive warnings face risks such as service suspensions and asset freezes.
Therefore, when the overseas cryptocurrency exchange you are using receives an unregistered warning, it is recommended that you take the following actions immediately:
1. Check the exchange’s response and viewpoint regarding the warning
Check the exchange’s official website or social media to confirm its response and viewpoint regarding the warning.
2. Save your asset and transaction history data
Log in to the exchange and save your asset and transaction history information, such as screenshots or CSV files.
3. Transfer your assets to a wallet or domestic exchange
Withdraw all of your assets from the exchange to a safe wallet or a registered domestic exchange.
4. Confirm the best withdrawal method and timing
Choose the best withdrawal method and timing, taking into account withdrawal fees and exchange rates.
5. Save any relevant emails, transaction IDs, and other evidence
After completing the withdrawal, save any evidence such as confirmation emails and transaction IDs from the exchange.
6. Save tax-related information, if necessary
Before deleting any contact information or account details, save any necessary information for tax reporting or dispute resolution purposes.
The above are some examples of actions to take when your overseas cryptocurrency exchange receives an unregistered warning.
Unregistered exchanges are unreliable and not legally protected.
To protect your assets and profits, it is important to take prompt action.
