Bitforex Limited — Unregistered Foreign Crypto Exchange Targeting Japan (FSA Warning 2 Times · 2024 年 Effective Closure)
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Updated 2026-05-19
Review by 2027-05-19
Sources 6 Machine-translated Original (JA) #fintech#jp-foreign-exchange#fsa-warned#unlicensed#bitforex#exit-scam-suspected
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Not registered with Japan FSA (unregistered foreign operator) · FSA warning letters issued 2 times (2020-06-26 / 2023-03-31) · 2024 年 2 月 effective closure · suspected exit scam
1. Corporate entity and shareholders
- Company name: Bitforex Limited (English brand: BitForex)
- Founded: around 2017 年 (established by co-founder Xinyao (Jason) Luo)
- Registered jurisdiction: Republic of Seychelles. Earlier public records also referenced “Hong Kong base”; the actual operating team was reportedly based in Hong Kong and Singapore
- Listed / parent company: unlisted, independent; shareholder structure not disclosed
- Brand scope: offered Spot, Perpetual, and Staking services globally. At peak (around 2019–2022 年) reportedly ranked in the top 30 exchanges by global trading volume (as listed on CoinMarketCap and similar; the reliability of published figures was questioned by external parties)
2. Licences and registration status
- Japan FSA crypto-asset exchange registration: none (unregistered foreign operator)
- JVCEA membership: non-member
- Seychelles Financial Services Authority (FSA): registered as a Seychelles IBC (International Business Company); no authorisation for Japan-facing services
- The FSA confirmed services were being provided to Japan residents and issued 2 warning letters
3. Supported assets
- Prior to suspension (2024–02): Bitcoin (BTC), Ethereum (ETH), USDT and numerous altcoins. Number of listed assets varied by disclosure date. Spot, perpetual futures, and staking were offered
- Current (as of 2026–05 ): platform inaccessible; no current asset information published
4. Business scope
- Spot trading, perpetual futures trading, staking (prior to suspension)
- Deposit channel details were not publicly disclosed
- Provided Japan-facing services in Japanese via website and app without FSA registration
- Following the suspension in 2024 年 2 月, both the website and app became inaccessible and withdrawal processing stopped
5. Market share and trading volume
- At peak (around 2019–2022 年), multiple data providers ranked the company among top global exchanges by trading volume; however, wash-trading allegations were raised by industry bodies and research firms
- Japan-specific trading volume and account counts were never published
- Customer numbers and asset scale at the time of the 2024 年 2 月 closure were not officially disclosed
6. History and key events
| Date | Key event |
|---|---|
| Around 2017 年 | Xinyao (Jason) Luo establishes Bitforex Limited (Seychelles registration) as co-founder and CEO; operations begin from Hong Kong and Singapore bases |
| 2019–2020 年 | Company rises in global trading-volume rankings; wash-trading allegations surface concurrently |
| 2020-06-26 | Japan FSA issues first warning letter (June 26, Reiwa 2). Published alongside AMANPURI Co.,Ltd for operating a virtual currency exchange business to Japan residents without registration. Representative: Jason Luo; location: Republic of Seychelles |
| 2020–2023 年 | Operations continue; company promotes expansion of Perpetual Futures, staking, and other services |
| 2023-03-31 | Japan FSA issues 2 rd warning letter (March 31, Reiwa 5). Warned on the same day as Bitget Limited, MEXC Global, and Bybit Fintech Limited — one of 4 社 entities, the 1 社 on the list |
| 2024-01-31 | Xinyao (Jason) Luo formally announces resignation as CEO; states “new management is preparing to take over” |
| 2024-02-23 | Approximately 5,650–5,700 万 USD equivalent in crypto assets withdrawn from 3 hot wallets (reported by on-chain investigator ZachXBT and others). From that day the website and mobile app became inaccessible and withdrawals stopped |
| 2024-02–07 | Extended period with no official explanation. Hong Kong police reportedly opened an investigation (DL News and others). Exit scam allegations widely reported in international media |
| 2024-07-20 | Around 5 months after going silent, the company team issues a statement explaining that “operations ended in 2 due to a police investigation.” A brief notice of resumed withdrawals was announced but actual processing status remained opaque (reported on Binance Square and elsewhere) |
| 2024 年 second half – present | Platform remains effectively inaccessible. No official announcement on corporate survival or liquidation proceedings |
7. Strategic developments
- Since 2024 年 2 月 the company has been effectively non-operational. The website and app remain inaccessible as of 2026–05
- A statement was issued once in 2024 年 7 月; no ongoing disclosure has followed, and the actual situation is unclear
- The company remains listed on the FSA unregistered foreign operator list (as of 2026–05 ; see FSA warning-letter issuance system for unregistered foreign crypto-asset exchanges (2018-2025) for the overall regime). Exit scam investigation methodology is covered in forensic identity anchor chain; global collapse comparisons in International comparison of crypto-asset exchange bankruptcy proceedings
- No official statement has been made on the prospects for recovery of Japan resident balances or assets; domestic news follow-up has been limited
8. Associated individuals
- Xinyao (Jason) Luo (羅新耀): co-founder and former CEO. LinkedIn lists Hong Kong as residence. The 2020 年 FSA 1 th warning letter names the representative as “Jason Luo” (English name). Forbes and multiple media outlets report “Xinyao (Jason) Luo” as the same individual. Announced resignation as CEO in 2024-01-31; whereabouts since then are unknown
- Details of the successor CEO and new management have not been published; names cannot be confirmed
Related
- japan-financial-regulation — Japan financial regulation overall
- jp-foreign-exchange-bybit — Bybit, which received an FSA warning in the same period (2023-03-31)
- jp-foreign-exchange-mexc — MEXC Global, which received an FSA warning in the same period (2023-03-31)
- jp-foreign-exchange-bitget — Bitget, which received an FSA warning in the same period (2023-03-31)
- fsa-foreign-exchange-warning-system — FSA foreign exchange warning regime
- global-crypto-exchange-bankruptcy-comparison — Global crypto exchange collapse comparison
- forensic-identity-anchor-chain — forensic identity anchor chain (exit scam tracking)
Sources
- FSA Crypto-Asset and Electronic Payment Instrument page (Bitforex warning letter listing) (retrieved 2026-05-19)
- FSA Warning Letter 1 th (June 26, Reiwa 2) BitforexLimited_keikokushiryo.pdf (retrieved 2026-05-19)
- FSA Warning Letter 2 th (March 31, Reiwa 5) BitforexLimited2_keikokushiryo.pdf (retrieved 2026-05-19)
- FSA Unregistered Operator List PDF (retrieved 2026-05-19)
- Nikkei “FSA issues warning to foreign virtual currency exchanges 4社” 2023-04-03 (retrieved 2026-05-19)
- Atarashii Keizai “FSA issues warning to Bybit, MEXC, Bitget, BitForex et al. for operating without registration” 2023-04-03 (retrieved 2026-05-19)
- CoinPost “Japan FSA warns unregistered foreign crypto exchanges 2社” 2020-06-26 (retrieved 2026-05-19)
- Forbes “Statement on Xinyao (Jason) Luo CEO resignation” 2024-02-27 (retrieved 2026-05-19)
- Halborn “BitForex Rug Pull Explained” 2024-02-29 (retrieved 2026-05-19)
- DL News “Hong Kong Police Investigating BitForex” 2024-03-15 (retrieved 2026-05-19)
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