The Japanese Financial Services Agency (FSA) has recently issued a cautionary notice to an offshore cryptocurrency exchange, LBank Exchange, citing its operation without appropriate registration. As reported by CoinPost, the FSA highlighted that LBank Exchange was lacking a recognizable address and designated representative, while engaging in online cryptocurrency trading transactions with Japanese residents. This activity contravenes the FSA's operational directives that mandate exchanges to undergo registration and adhere to specified standards aimed at safeguarding the interests of investors. LBank Exchange, positioned as a moderate-sized exchange and currently ranked 56th in terms of spot trading volume over a 24-hour period according to data from CoinGecko, has come under scrutiny due to its lack of transparency and non-compliance with regulatory protocols, prompting concerns within Japanese regulatory circles. The regulatory watchdog's action against unregistered exchanges is not unprecedented, with previous warnings issued to companies such as Bybit Fintech Limited, MEXC Global, Bitget Limited, and Bitforex Limited for offering cryptocurrency trading services without the necessary registration. Despite these admonitions, accessing and conducting trades on these platforms from Japan remains infeasible.