A YouTube star native to Japan, with over 4 million subscribers- was on the crosshair of the Japanese Financial Services Agency (FSA) after he spoke of the crypto exchange firm Bybit.
Hiraku, the 30 year old YouTube star, allegedly promoted the Singapore-based crypto exchange, which has seen some controversy as it was forewarned by the FSA as well as the FCA. Moreover, the UK’s watchdog had suspended Bybit’s services on UK soils.
The YouTuber released a video in which he noted that he had received one full BTC as a birthday gift for opening an account with Bybit, for which he was cautioned by the FSA.
The FSA warned Hiraku that he was in no legal position to promote the exchange to Japanese users without the permission of the local regulator. All advertisements of similar companies must be allowed by the FSA. It is said that Bybit is not authorized to promote its services to Japanese locals.
Finance Magnates reported earlier that the FSA had send a letter to the crypto exchange, warning them that they are to pull out all services from Japan, as they were unlicensed to operate there. In other words, Bybit is not regulated by the Financial Services Agency.