Where is it safe to buy cryptocurrency? A guide to learning how to verify if a company recommended on social media is on the ‘national registration list’ in three steps

I use this company’s app too. It’s a legitimate place, so you can rest assured.

If someone nice you met on social media said that to you, what would you do?

From here on, this is a hypothetical story.

The companies and people that appear are all fictional.

The protagonist is Mr. Tanaka, an office worker who is a little interested in cryptocurrency.

Let’s investigate together, as if we were detectives.

By reading this article, you will: learn how to verify in three steps whether a company recommended on social media or elsewhere is on the national registration list.

You will also understand the preparations and the process for opening an account.

This is written for beginners who are interested in cryptocurrency but cannot take the first step because they do not know where it is safe to buy it.

This article does not recommend starting cryptocurrency trading.

We will consider all options, including the choice of ‘not starting’.

Key points of this article

• To check if a recommended company is registered with the government, look for the official name of the operating company on the Financial Services Agency’s list and verify it against their address and phone number (there are three steps).

• If you cannot confirm it on the list, stop before using it. This is not about concluding that it is a scam.

• Registration means it has passed government screening, but it is not a ‘guarantee of safety.’ Even if you open an account, you do not have to buy anything right away.

What if someone says, ‘I use this company’s app too’?

Mr. Tanaka is an office worker in his 50s.

One day, he received this message on LINE from Mika, whom he met on social media.

‘I use an app called XX Exchange too. It’s a place where registration is fully completed, so it’s safe. Would you like to try using it?’

She is a nice person.

It has already been two weeks since the conversation started.

But Mr. Tanaka suddenly stopped.

“They say they are registered,” but where are they registered?

Actually, there is a way to check.

In Japan, providing a platform for buying and selling cryptocurrency (crypto assets) requires “registration” with the Financial Services Agency or a Local Finance Bureau.

Just as you cannot drive without a driver’s license, operating without registration is not permitted under the Payment Services Act.

Furthermore, the Financial Services Agency publishes a list of registered companies.

There are three steps for Mr. Tanaka to follow.

So, let’s start with step 1. Should he search by the app’s name?

“I should just search by the app’s name, right?” (Step 1)

The answer is only half correct.

Step 1: Find the official name of the operating company

The name of the app or service may not be on the list.

What you need to look for is the name of the company operating it (e.g., “XX Co., Ltd.”).

It is written in the app’s terms of service or on the company profile page.

Not being able to find a company profile is also a reason to pause.

Mr. Tanaka opened the app’s terms of service.

At the very bottom, he found the name of the operating company.

Operating Company: XX Exchange Japan Co., Ltd. Location: Minato-ku, Tokyo (fictitious address) Phone: 03-0000-0000 (fictitious number) Kanto Local Finance Bureau No. 00000 (fictitious number)

The app’s name is “XX Exchange,” but the operating company is “XX Exchange Japan Co., Ltd.”

That is not quite right.

Furthermore, it even lists something that looks like a registration number.

Mr. Tanaka thought, “It says it right there, doesn’t it?”

However, what is written and what is actually registered are two different things.

With this name in hand, it is finally time to head to the Financial Services Agency’s list.

“Found it! Is it safe now?” (Step 2)

Step 2: Search the Financial Services Agency’s ‘List of Crypto Asset Exchange Operators’

You can find it by searching for “List of Crypto Asset Exchange Operators” on the Financial Services Agency website (there are PDF and Excel versions; I have included the link at the end of the article).

If you open the PDF on your smartphone, I think it is easier to search by entering the company name using the in-page search function.

Once you open it, first look at the “As of [Date]” at the beginning and the total number of operators.

The list as of September 30, 2026, states “Total number of operators: 27”.

This means that at that time, there were 27 companies registered with the government.

Since the number of companies can change, please check the latest number on the list when you read it.

The list includes the competent Local Finance Bureau, registration number, registration date, company name, head office address, main phone number, and the crypto assets handled.

Mr. Tanaka entered “XX Exchange” into the search box.

And there it was.

XX Exchange Co., Ltd. (fictitious company)
Kanto Local Finance Bureau No. 00000 (fictitious number)

“Found it!” Mr. Tanaka exclaimed.

The name is slightly different, but the only difference is whether or not it includes “-Japan”.

The registration number is also the same as the one written in the app’s terms of service.

Just as I was feeling relieved and about to close the screen, that was when it happened.

Wait a minute. Just because the names are similar, can I really say it’s the same company?

Even if the company name is on the list, don’t let your guard down yet.

There is one final check remaining.

Wait… the address is different. (Step 3)

Step 3: If it is listed, verify the jurisdiction, registration number, address, and phone number

Compare the company name, registration number, address, and phone number written on the recommended site with the details on the list to see if they match.

Mr. Tanaka compared the row on the list with the terms of service in the app.

• Company name: The list says ‘XX Exchange Co., Ltd.’, the app says ‘XX Exchange Japan Co., Ltd.’ -> Similar, but different

• Address: The list says ‘Chiyoda-ku, Tokyo’, the app says ‘Minato-ku, Tokyo’ -> Does not match

• Phone number: The number on the list and the number in the app -> Do not match

(The company name, address, and number are all fictional for the purpose of this story.)

Only the registration number is the same; the company name, address, and phone number do not match.

In other words, this might be what is happening.

It is possible that a different company, using a similar name, is operating by borrowing the name and number of a registered company.

Of course, it is also possible that there is a discrepancy due to a relocation or an update in the notation.

Therefore, I cannot definitively conclude that it is a scam.

However, there is one thing I can say for sure.

The operating company of this app cannot be confirmed as a registered business. That is the reality.

I think it is best to avoid handing over money or personal information without being able to verify it.

Tanaka-san stopped replying to Mika-san.

The phone number listed is the main contact number for that registered business, as published by the Financial Services Agency.

If you want to verify, you can also call the number from the list yourself—rather than the number written in the app—and ask, ‘Do you operate this app?’

Even in that case, please do not provide account information or the contents of your identity verification documents.

They may not answer your questions over the phone.

If you are unsure, it is more reliable to ask the consultation services introduced later.

Furthermore, in case you cannot find them on the list, the Financial Services Agency also maintains a list of warnings titled ‘Regarding the Names, etc., of Entities Engaging in Crypto Asset Exchange Business Without Registration.’

This list contains entities that have been issued warning letters. As of November 10, 2026, the number of entries was on the scale of about twenty-something, consisting mostly of overseas-based operators with a small number of domestic ones (this is an estimate).

However, the Financial Services Agency itself notes that ‘even if an entity is not listed, it is possible they are operating without registration.’

Just because they are not on the warning list does not mean they are safe.

The order is as follows.

If you cannot confirm them on the registration list, first stop and pause.

The warning list is for reference after that.

Now, at this point, aren’t you a little curious?

Is a situation like Tanaka-san’s something special?

‘Is this kind of story rare?’

Unfortunately, it is not a rare story.

According to provisional figures released by the National Police Agency on October 2, 2026 (up to the end of August 2026), there were 7,097 reported cases of ‘SNS-based investment fraud,’ with damages totaling 93.74 billion yen.

Compared to the same period the previous year, the number of cases increased by approximately 49%, and the amount of damages increased by approximately 54%.

These figures are not limited to crypto assets.

These are the overall figures for social media-based investment fraud, which includes schemes disguised as various investments such as stocks and FX.

The typical flow introduced by the National Police Agency is as follows.

It also overlaps with Mr. Tanaka’s situation.

• Meeting through a social media message and being invited to a group on LINE or similar platforms (interaction with Mika)

• Being told ‘Cryptocurrency is recommended for investment right now’ and being made to download a specified app (XX Exchange)

• The app screen displays profits, and you are even able to withdraw small amounts, which makes you trust it

• After depositing a large amount, you are asked for ‘security deposits’ or ‘taxes’ when you try to withdraw

Mr. Tanaka was still able to stop around the first two steps.

Whether Mika herself has malicious intent cannot be determined from this story alone.

However, if you are rushed with phrases like ‘guaranteed profit’ or ‘only for now,’ or if you are instructed to use personal bank accounts or transfer funds to accounts that change every time, those are also signs to stop.

So, what if it is a company that perfectly matches the list?

Is it safe then?

‘If it’s a real company, is it safe?’ (Another scenario)

Mr. Tanaka tried imagining another scenario.

What if the app’s operating company matched the list in name, address, and phone number completely?

No. That does not mean it is ‘absolutely safe’.

Registration means that the government has verified certain conditions (identity verification, separate management of customer assets, system management, etc.).

It is the same as how having a driver’s license does not mean accidents will be zero.

Even with registration, the price of cryptocurrency can drop significantly, and accidents can occur.

In fact, in May 2024, an unauthorized outflow of cryptocurrency occurred at a registered domestic business operator.

I have written about this in detail in a previous article (about how exchanges work; there is a link at the end).

The Financial Services Agency’s consultation page also recommends checking for registration while noting the risks, such as sudden price drops.

Checking for registration is the first step to avoiding dangerous places, but it is not a guarantee of safety.

So, what do you need to prepare when opening an account with a company you have confirmed on the list?

“What do I need to prepare to open an account?”

From here on, we are talking about companies that you have confirmed are registered.

Generally, the items you need to prepare are as follows:

• Identity verification documents (driver’s license, My Number card, etc. The documents you can use vary by company)

• Smartphone (often used to take photos of documents and your face)

• Email address

• Bank account (used for depositing and withdrawing Japanese yen)

• In some cases, a phone number or submission of your My Number (individual number)

The reason identity verification documents are required is that registered companies are required by the Act on Prevention of Transfer of Criminal Proceeds to verify the identity of the account holder using official documents when opening an account.

Conversely, you should be suspicious of any offer that says you can “start trading immediately” without any identity verification.

The general process at a company you have confirmed is registered is as follows:

1. Application: Register your email address, etc.

2. Identity verification: There are methods such as taking photos of your documents and face with a smartphone, or reading the IC chip on your My Number card

3. Review: The company checks the details. The time required varies by company

4. Account opening notification: You will receive this via email or other means

5. Registration of a bank account for deposits and making a deposit (if necessary)

If you are unsure about the process, one option is to proceed while consulting with your family or the company’s support desk.

However, if a stranger tells you, ‘I will do it for you,’ please decline.

This is because you would be handing over your identity verification documents and account information.

And there is one more important thing.

‘Do I have to buy something if I open an account?’

No. Opening an account alone does not move any money.

There is no need to buy anything immediately.

When you are rushed with phrases like ‘do it now’ or ‘limited time offer,’ it makes you feel anxious, doesn’t it?

But I don’t think there is much good that comes from making decisions in a rush.

Check the registration, understand the mechanisms and risks, and only proceed once you are satisfied.

I think being overly cautious is just right.

Finally, let’s talk about what to do in an emergency.

‘If you think something is wrong, who should you consult?’

If you have already sent money, or are about to send it, please do not keep it to yourself.

The contact points are as follows (confirmed as of November 10, 2026. Numbers and reception hours may change, and the reception hours for #9110 vary by region.

Please check the official websites).

• Consumer Hotline ‘188’: They will guide you to your nearest consumer affairs center, etc.

• Police Consultation Phone ‘#9110’

• Financial Services Agency, Financial Services User Consultation Office ‘Consultation Dial for Fraudulent Investments’: 0570-050-588 (Weekdays 10:00-17:00. Web is 24 hours)

The Financial Services Agency’s consultation office is not a place for mediation (arbitration) of disputes, but a place to organize the situation and get guided to the next consultation point.

Please be aware that ‘consulting someone’ does not mean you will get your money back.

The National Police Agency also advises that if you are asked for a ‘security deposit’ or ‘taxes’ in order to withdraw funds, you should consult the police or a consumer affairs center before making any transfers.

Checklist for saving

Please take a screenshot or save this as a note for your reference.

1. When you are recommended a service

• □ Is it a company recommended by someone you met on social media or LINE?

• □ Are you being rushed with claims like ‘you will definitely make money’ or ‘this is a limited-time offer’?

• □ Are you being instructed to transfer money to a personal account or an account that changes every time?

2. Checking registration (3 steps)

• □ Step 1: I looked up the official name of the operating company, not just the app name.

• □ Step 2: I searched for that name on the Financial Services Agency’s ‘List of Crypto Asset Exchange Service Providers’ (I also checked the date and number of companies at the top).

• □ Step 3: If it was listed, I compared the jurisdiction, registration number, address, and phone number with the information displayed on the recommended site.

• □ If it is not listed, it cannot be confirmed as a registered business. Stop and think before using it.

• □ I understand that ‘not being on the warning list’ does not mean it is safe.

• □ I understand that ‘being registered’ does not mean it is absolutely safe.

3. Before opening an account

• □ Before applying, I checked the required documents and conditions provided by the company.

• □ I have my identity verification documents, smartphone, email address, and bank account ready.

• □ I have decided not to transfer any money if I am told that a ‘security deposit or tax is required for withdrawal’.

4. After opening an account

• □ Knowing that you don’t have to buy immediately even if you open an account

• □ Thinking in advance whether the amount is within a range that won’t change your life if it’s lost (see the ‘Recommended Reading’ article for details)

Summary: The registration list is not a ‘seal of safety’ but the ‘first entrance’

Tanaka-san’s story ends here.

Let’s return to the initial question.

As of September 30, 2026, the Financial Services Agency’s list contained 27 companies.

You can check for yourself whether the name recommended on social media is among them using these 3 steps.

• Search the Financial Services Agency’s registration list using the operating company’s official name. If it is listed, verify the address and phone number as well. If you cannot confirm them, stop before using the service

• Registration means it has ‘passed government screening,’ not that price drops or accidents will never happen. Just not being on the warning list does not mean it is safe

• Even if you open an account, you don’t have to buy right away. If you are being rushed, that is the point where you should pause

Recommended reading:

Read next: In the magazine ‘A Gentle Introduction to Cryptocurrency for Beginners,’ I have also lined up articles on how to think about money and taxes.

Please read from the parts that interest you.

I also post daily on X

On X (formerly Twitter), I post short daily updates on news I’ve researched and insights I’ve gained that day. Note is for in-depth explanations and summaries you can look back on later.

Note is for in-depth explanations and summaries you can look back on later.

If you’d like, I’d be happy if you followed me on X as well.
→ X: @marco_ai_crypto

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About this article

• Tanaka-san and Mika-san at the beginning, as well as the addresses, phone numbers, and registration numbers for ‘XX Exchange’ and ‘XX Exchange Co., Ltd.’ are all fictional. They have no relation to any real people or companies. This is not a personal account of my own experience

• The scenario involving Mr. Tanaka is a creative work based on a typical flow introduced by the National Police Agency. It has not been confirmed through official documents that tactics such as ‘borrowing only the registration number and using a similar name’ are common.

• This content was organized based on the sources below after being researched by AI. It is written with information confirmed as of November 10, 2026. The number of companies, systems, and contact numbers may change.

• The steps in Step 3, such as ‘checking the location and phone number’ and ‘calling the number on the list yourself to verify,’ are not procedures written in official documents, but rather methods organized to be extra cautious.

• The procedures for opening an account, required documents, and conditions such as age vary by company. Standard procedures determined by public institutions could not be found within the scope of this research. Please be sure to check the company’s guidance before applying.

• It has also been reported that the method of identity verification may change in the future due to a review of national rules (this is secondary information).

• The Financial Services Agency (FSA) also has a ‘Financial Services Provider Search’ where you can look up financial businesses by name or phone number. A self-regulatory organization called the JVCEA (Japan Virtual and Crypto assets Exchange Association) also publishes a list of its members, but the primary focus of verification should be the FSA’s registration list, and the JVCEA list is supplementary material.

• It has been explained that a legal amendment to move cryptocurrency regulations to the Financial Instruments and Exchange Act was promulgated in July 2026 (secondary information). The enforcement of the core parts regarding cryptocurrency is scheduled within one year of promulgation, but as of November 10, 2026, it has not been confirmed when the terminology for registration or the format of the list will change. When opening the list, please follow the guidance on the FSA website.

• ‘You don’t have to buy immediately after opening an account’ and ‘It is better to be overly cautious’ are the author’s opinions, not official information.

Information referenced (confirmed as of November 10, 2026, unless otherwise noted)

Verification of Registration

Fraud statistics and methods

Legal amendments (including secondary information)

• BUSINESS LAWYERS ‘Overview of Amendments to the Financial Instruments and Exchange Act and the Payment Services Act Regarding Crypto Assets Effective in 2027’ (Secondary Information) https://www.businesslawyers.jp/articles/1568

*This is not investment advice. This article does not recommend the purchase or use of any specific crypto assets, financial products, or services.

Disclaimer
The information in this note is based on the author’s personal research and does not recommend investment in or use of any specific crypto assets or services. Crypto asset trading involves risks. The content regarding laws and procedures is general information and does not constitute individual advice. For final decisions, please consult public agencies such as the Financial Services Agency or Consumer Affairs Centers, or professionals such as lawyers. Please make investment decisions at your own risk. Some articles may contain affiliate links, and the author may receive compensation if you register or trade via those links (this article contains no affiliate links, advertisements, or PR). The information posted is current as of the time of publication and does not guarantee its latestness or accuracy.