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Bitforex Limited — Unregistered Foreign Crypto Exchange Targeting Japan (FSA Warning 2 Times · 2024 年 Effective Closure)

Confidence: Likely 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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This entry sits under exchanges index. Read it with FSA crypto-asset exchange registration system — number system / Local Finance Bureau jurisdiction / registration requirements for adjacent context and Japan Financial Regulation — Legal Framework for Tokens, Crypto Assets, and Payments for the broader system boundary.

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

DateKey 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
2020-06-26Japan 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
2023-03-31Japan 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
2024-01-31Xinyao (Jason) Luo formally announces resignation as CEO; states “new management is preparing to take over”
2024-02-23Approximately 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
2024-02–07Extended period with no official explanation. Hong Kong police reportedly opened an investigation (DL News and others). Exit scam allegations widely reported in international media
2024-07-20Around 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 – presentPlatform remains effectively inaccessible. No official announcement on corporate survival or liquidation proceedings

7. Strategic developments

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

Sources