Many cases of "the destination list when I try to send crypto from a Japanese exchange to an overseas exchange doesn't include the exchange I want" or "the transfer fails" come down to how each company has responded to the travel rule, which took effect on 1 June 2023 (the obligation to notify sender and recipient information when transferring crypto assets). Domestic exchanges have been switching, one by one, to a system that shows only pre-vetted destinations in a selectable list, so you cannot send directly to an overseas exchange that is not on that list.
This article checks how the travel rule works and which jurisdictions it covers using FSA materials, sets out how bitFlyer, Coincheck and GMO Coin each handle it based on their official FAQs, walks through the steps to check before sending to MEXC or BingX (both listed on this site), and notes the points to watch when routing through your own wallet (a private wallet) — all as of 22 September 2026. This is not a way to "get around" transfer restrictions, but a set of steps for sending reliably within the rules.
What the travel rule is: effective 1 June 2023, and which jurisdictions it covers
The travel rule is a regulation that took effect on 1 June 2023 through an amendment to the Act on Prevention of Transfer of Criminal Proceeds. It requires a crypto-asset exchange service provider (VASP) that transfers crypto assets at a user's request to notify the receiving VASP of information about the sender and the recipient. It follows the standard the FATF (Financial Action Task Force) requires countries to adopt, and its purpose is to make crypto-asset transaction routes traceable (FSA, amended Cabinet Order published 26 May 2023).
The notification obligation applies only to transfers to a foreign operator located in a jurisdiction that has regulation equivalent to Japan's notification obligation (a "notified jurisdiction"). In materials the FSA published in May 2026, 58 jurisdictions were covered, including the United States, the United Kingdom, Singapore, Hong Kong, South Korea, Switzerland, Canada, the United Arab Emirates, Germany and France; a notice adding five more (Anguilla, Oman, Cuba, Dominica and Botswana) has applied since 3 August 2026, bringing the total to 63 (Coincheck's official FAQ also shows the list as of 3 August 2026). Jurisdictions such as Seychelles, where many overseas exchanges are based, are not among these 63.
Sending to an operator not located in a notified jurisdiction falls outside the statutory notification obligation, but each exchange still restricts destinations through its own screening. Some, such as bitFlyer, list exchanges from "non-notified jurisdictions" too, while allowing transfers only to exchanges on that list — so whether you can actually send needs to be checked against each company's own list.
Why you can't send: the notification systems (TRUST, Sygna) and destination lists
Domestic exchanges mainly use two systems for travel-rule notification: Coincheck uses "TRUST" (Travel Rule Universal Solution Technology), and GMO Coin uses "Sygna Hub". If operators in notified jurisdictions use different systems from each other, notification cannot go through, and GMO Coin's official page lists, as examples of "destinations you cannot send to", the domestic operators bitFlyer, Coincheck, Crypto Garage and Binance Japan and the overseas operators Bitrue, Bybit, Gate.io, Kraken, Coinbase, MEXC, OKX, Upbit and ZOOMEX (restricted individually by each company's screening, regardless of whether they sit in a notified jurisdiction). The three domestic exchanges' approaches, based on official information, are as follows.
| Exchange | Approach | Sending to MEXC / BingX | Private wallet |
|---|---|---|---|
| bitFlyer | Since 30 July 2025, you choose from a pre-vetted "crypto-asset destination list". You can only send to exchanges and financial institutions on that list | MEXC (listed as an exchange in Seychelles, a non-notified jurisdiction) is on the list and can be sent to. BingX is not on the list (as of 22 September 2026) | Can be sent to (Group B crypto assets) |
| Coincheck | Uses TRUST. When you register a destination, only the names of services you can send to are shown | Check the list shown on the registration screen (the official FAQ does not name individual exchanges) | Follow the official FAQ |
| GMO Coin | Uses Sygna Hub. You can send to domestic operators that use Sygna, operators not located in notified countries/regions, and private wallets | MEXC is named on the official page as an example of an overseas exchange you cannot send to, so it cannot be used. BingX is not mentioned (eligible destinations are operators not located in notified countries/regions, but the page states the company "may decline at its own discretion") | Can be sent to (may decline at the company's discretion) |
※ Each company's handling is subject to change. Always check each company's latest guidance and the destination list actually shown on the transfer screen before sending.
bitFlyer's destination list includes, as exchanges located in notified jurisdictions (including Japan), the domestic bitFlyer and Coincheck plus about 14 overseas operators such as bitFlyer USA, Coinbase, Kraken and Crypto.com (Singapore); and as overseas exchanges in non-notified jurisdictions, about 15 operators including Bybit, Binance, Bitget, MEXC, OKX, HTX and KuCoin (checked 22 September 2026). Each destination is assigned a group of crypto assets it can receive, and assets such as XRP, LTC and SOL can only be sent to exchanges in non-notified jurisdictions and to private wallets (Group B).
Steps to check before sending to MEXC or BingX
- 01Check whether the overseas exchange you want to send to appears on your domestic exchange's destination list (the address registration screen)
You cannot send directly to an exchange that is not listed.
- 02On the overseas exchange, choose the crypto asset and network (chain) to deposit and get the deposit address and, if required, a memo or tag
Confirm that your domestic exchange supports sending that same asset on that same network.
- 03Register the destination at your domestic exchange
There will be fields for the travel-rule recipient information (the recipient's name, the receiving exchange's name, etc.); entry mistakes can delay processing or cause the transfer to be returned.
- 04Send a small amount first, and confirm it arrives at the overseas exchange and how long crediting takes before sending the full amount
A blockchain transfer cannot be reversed.
- 05When sending back from the overseas exchange to the domestic exchange, the receiving side (the domestic exchange) also checks the deposit's notification information
GMO Coin states that crediting can take longer while it confirms this notification information.
As of 22 September 2026, MEXC appears on bitFlyer's destination list, while GMO Coin's official page names it as an example of an overseas exchange you cannot send to: the same exchange can be allowed or blocked depending on which domestic exchange you send from. BingX does not appear on bitFlyer's destination list. As far as this site has confirmed, you cannot send directly from bitFlyer to BingX, and for Coincheck and GMO Coin you need to check the list shown on each company's own transfer screen. BingX's official site does not uniformly disclose its operating entity or location, and this site cannot judge how each exchange's screening treats it.
Deposits, transfers and how to choose a network (beginner guide) →
Points to watch when routing through your own wallet (a private wallet)
bitFlyer and GMO Coin both allow sending to your own wallet — a private (unhosted) wallet such as MetaMask. Routing domestic exchange → your own wallet → overseas exchange does not take you outside the scope of the rules; it is a legitimate step in the sense that you are sending to a destination each company permits. Even so, note the following points.
- The transfer happens twice, so you pay the network fee twice and wait for crediting twice
- Getting the wallet's network setting wrong can cause you to lose the assets. Match the overseas exchange's deposit network to your wallet's network
- GMO Coin explicitly states it "may decline at its own discretion", so a transfer to a private wallet is not guaranteed to go through
- Moving assets between your own wallets or between exchanges is not a disposal of crypto assets, so it does not by itself create income tax. Still, keep a record of the transfer history to track the carried-over acquisition cost
- The receiving overseas exchange may also check the source of funds or apply restrictions under its own terms
Note also that most overseas exchanges are not registered as crypto-asset exchange service providers with the FSA and are outside Japan's user-protection system. Being on a travel-rule destination list says nothing about that exchange's safety or registration status.
How to assess an exchange's safety (beginner guide) →
This article organises what could be confirmed on the FSA's and each exchange's official pages as of 22 September 2026. Destination lists and each company's approach can change at any time, so always check each company's latest guidance before sending. This site does not recommend any particular transfer route or overseas exchange.
Frequently asked questions
Q. Why can't I send crypto from a Japanese exchange to an overseas exchange?
A. It is because of how each company has responded to the travel rule (the obligation to notify sender and recipient information), which took effect on 1 June 2023: domestic exchanges have switched to showing only pre-vetted destinations in a selectable list. Since 30 July 2025, bitFlyer can only send to exchanges on its "crypto-asset destination list", and you cannot send directly to an overseas exchange that is not on that list.
Q. What is the travel rule?
A. It is the obligation for a crypto-asset exchange service provider transferring crypto assets at a user's request to notify the receiving provider of information about the sender and the recipient. It took effect on 1 June 2023 through an amendment to the Act on Prevention of Transfer of Criminal Proceeds, based on FATF standards. Notification applies only to transfers to operators located in jurisdictions with regulation equivalent to Japan's (the 58 jurisdictions in the FSA's May 2026 materials plus 5 added from 3 August 2026, i.e. 63).
Q. Can I send from bitFlyer to MEXC?
A. As of 22 September 2026, "MEXC (Seychelles)" is listed on bitFlyer's crypto-asset destination list as an overseas exchange in a non-notified jurisdiction, and you can send to exchanges on that list. The crypto assets you can send are limited to the Group B range. GMO Coin, on the other hand, names MEXC on its official page as an example of an overseas exchange you cannot send to. Lists change, so check the latest guidance before sending.
Q. Can I send from bitFlyer to BingX?
A. As of 22 September 2026, BingX does not appear on bitFlyer's crypto-asset destination list. bitFlyer allows sending only to exchanges and financial institutions on that list, so as far as this site has confirmed, direct sending is not possible. For Coincheck and GMO Coin, check the destination list shown on each company's own transfer screen.
Q. Can I send to an overseas exchange by routing through my own wallet, such as MetaMask?
A. bitFlyer and GMO Coin both allow sending to a private wallet (GMO Coin explicitly notes it may decline at its own discretion), and routing from your own wallet to an overseas exchange is a legitimate step in that you are sending to a destination each company permits. However, sending twice means paying the fee and waiting twice, and choosing the wrong network can cause you to lose your assets.
Q. Can the difference between TRUST and Sygna stop a transfer from going through?
A. Yes. If operators in notified jurisdictions use different notification systems, the notification cannot go through, so GMO Coin, which uses Sygna Hub, lists bitFlyer and Coincheck, which use TRUST, as "destinations you cannot use". Even between domestic exchanges, some combinations cannot be used because of differing systems.
Q. Are there restrictions when sending back from an overseas exchange to a domestic exchange?
A. Yes — the receiving domestic exchange also checks the travel-rule notification information at the time of deposit. GMO Coin states that crediting can take longer while it confirms this notification information, and that an entry error may prevent the deposit from being credited. Check the receiving exchange's guidance beforehand.
Sources
- FSA | Results of public comments on the draft Cabinet Order amending the Act on Prevention of Transfer of Criminal Proceeds (26 May 2023; travel rule in force from 1 June 2023; Japanese) →
- FSA | Jurisdictions covered by the travel rule (material published May 2026, PDF, Japanese) →
- bitFlyer | Can the travel rule stop me sending to external exchanges and financial institutions? (list-selection format since 30 July 2025; Japanese) →
- bitFlyer | Where can I check the crypto-asset destination list? (destination list, checked 22 September 2026; Japanese) →
- Coincheck | What is the travel rule? (uses TRUST; updated 3 August 2026; Japanese) →
- GMO Coin | About the travel rule (uses Sygna Hub; permitted and non-permitted destinations; Japanese) →
- Financial Services Agency (Japan) | Crypto assets: registered operators, warnings to unregistered operators →
FX Textbook is an independent information site, not an exchange or a provider of personal investment advice. Crypto-asset trading involves risk: price volatility, liquidation of leveraged positions, transfer mistakes and the operational risk of exchanges and service providers can cause you to lose some or all of your invested capital. No result is guaranteed.
NEXT STEP
Before you use an exchange, check its conditions and operator information.
Operating entity, fees, leverage and liquidation, funding and KYC requirements, organised exchange by exchange.
Exchanges related to this column
Fees, leverage, funding options and current offers are on each exchange page.