Japan's SESC Seeks Injunction Against 3 Unregistered Firms That Claimed Their Products Could Invest in Bitcoin Spot ETFs

November 10: According to CoinPost, Japan's Securities and Exchange Surveillance Commission (SESC) has applied to the Tokyo District Court for an injunction against three companies operating without registration — 4CAPITAL MANAGEMENT, Shibata Research Institute and Ando Research Institute — along with their three representatives. The commission disclosed that between February 2021 and February 2026, the three firms marketed overseas investment products linked to the U.S. ITA Group (Investors Trust), raising about ¥4.9 billion cumulatively from 2,141 subscriptions, and claimed the products could invest in Bitcoin spot ETFs. In addition, Ando Research Institute sold privately placed bonds without registration, raising about ¥2.5 billion. The Financial Services Agency added the companies to its list of unregistered operators the same day.