Japan's Financial Services Agency (FSA) said foreign crypto exchanges Bybit, BitForex, MEXC Global and Bitget are operating in the country without proper registration in a warning letter published on Friday.

The notice said the exchanges were in violation of the country's fund settlement laws at the time of issuing the warning letter by "conducting crypto asset exchange business without registration." The regulator also said the list of unregistered traders "does not necessarily indicate the current state of unregistered business.