Japan FSA Warns Dual-Service Crypto Dealers May Steer Users Toward Higher-Margin Sales Desks

Japan's Financial Services Agency said dealers that offer both sales desk and exchange services may steer users toward the more profitable sales desk trading. According to Odaily, the agency made the remarks at an opinion exchange meeting with the Japan Virtual and Crypto Assets Exchange Association on July 15. In a sales desk model, the platform acts as the counterparty and earns the spread, while in an exchange model, users trade with each other and the platform only collects fees. The agency said it will continue discussions with the industry on UI routing design for the two services and on self-regulatory rules, citing customer best-interest obligations that took effect in November 2024.