Why use an OTC desk for a large bitcoin purchase?
An OTCOver the counter: you trade directly with a dealer at an agreed price instead of placing orders on the exchange's public order book. desk sells to you, or buys from you, directly at a price agreed before the trade. Nothing touches the public order bookThe live list of buy and sell orders at each price. A large market order eats through it level by level.. That matters at size. The order book only holds so much at each price, so a ¥50 million market order eats through the cheapest offers and keeps climbing. The gap between the price you saw and your average fill is slippageThe difference between the price when you place an order and the average price you actually get. It grows with order size and thin books., and it can be larger than any fee.
With an OTC trade, the price is fixed first. Accept it and the whole amount fills at that price; decline and nothing happens. A dealer desk (販売所, hanbaijo) in an exchange app is also the exchange trading with you, but it's built for small retail tickets. An OTC desk is the large-order version, with terms set case by case.
Who uses these desks in Japan? Mostly companies: Japanese operating companies adding bitcoin to the balance sheet, Web3 businesses that need tokens, funds and listed firms. Individuals with eight-figure yen balances can use some of them too. If your trade is below about ¥10 million, a few limit orders on a normal exchange can often do the job. Our fee comparison shows what that costs.
The registered OTC desks in Japan
These are the large-order services we could confirm on official pages. Every firm here is a registered crypto-asset exchange service provider; you can check the number on the FSA register. Many terms are agreed individually, so treat the table as a starting point.
| Firm (FSA no.) | Service and clients | Minimum | Pricing and hours |
|---|---|---|---|
| OKJ Kanto 00020 | Large-lot OTC for "OKJ Corporate Premier" clients: listed companies, qualified institutional investors, operating companies | Not published; corporate eligibility | Firm quote valid 10 seconds, no fee. 24/7; BTC, ETH, CC vs JPY |
| Zaif Kinki 00001 | Zaif Prime Desk; companies without a Zaif account can enquire | ¥10m equivalent | Single all-in price from a dealer by phone or chat. BTC, ETH and other JPY pairs |
| Coincheck Kanto 00014 | Coincheck Prime: OTC, custody and staking for companies | Companies holding or trading ¥10m+ | Not published. JPY |
| SBI VC Trade Kanto 00011 | SBIVC for Prime, open to individuals and companies | ¥10m balance or planned trading, or a Web3 company | Normal prices plus up to 1% cashback; a dedicated RFQ desk is unconfirmed |
| BitTrade Kanto 00007 | Large-lot OTC for companies | Volume and balance terms set in a memorandum | Web screen, weekdays 10:00–19:00; BTC, ETH, XRP; max 10 BTC per order |
OKJ has the best-documented desk. Its OTC service for corporate clients opened on 25 March 2026 for bitcoin buys, added ETH in April and sell orders in May. The model is a request for quoteRequest for quote: you state the size, the desk returns a firm price, and you accept or let it lapse.: you enter a size, OKJ shows a firm price valid for 10 seconds, and accepting it fills the whole order with no slippage. Filled orders can't be cancelled. The cap is 10 BTC, 100 ETH or 100,000 Canton Coin per order, with larger sizes negotiable. There is no fee; OKJ trades as principal and settles the same day against pre-funded yen. Client yen sits in a money trust; client crypto is segregated but, as the disclosure document says, not trust-protected.
Zaif Prime Desk starts at ¥10 million equivalent. A dedicated dealer takes your request by phone or chat and quotes one all-in price for BTC/JPY, ETH/JPY or other yen pairs on request. Companies without a Zaif account can enquire. Zaif is one of only two registered exchanges supervised from Osaka (the Kinki bureau). Its hours and settlement timing aren't published.
Coincheck Prime replaced Coincheck's old OTC pages. It targets companies with ¥10 million or more in crypto and bundles large-lot OTC with staking, an asset-lock service, custody and dedicated staff. Coincheck has over 10,000 corporate accounts but doesn't publish its OTC spreads. Older minimums you may see online, such as 50 BTC, date from 2018–2019. More in our Coincheck review.
SBIVC for Prime at SBI VC Trade is open to anyone with a ¥10 million balance or planned trading, or a company entering Web3, so it's one of the few programmes a wealthy individual can join. Benefits include up to 1% cashback the next month when monthly dealer-desk volume reaches ¥10 million, better crypto-lending terms and a dedicated rep with a JVCEA sales qualification. Its official pages don't mention OTC or RFQ, so third-party claims of special OTC spreads are unconfirmed. SBI VC Trade charges nothing for yen deposits and withdrawals or crypto transfers (SBI VC Trade review).
BitTrade, formerly Huobi Japan, has run a corporate OTC screen since March 2022: pre-funded, weekdays 10:00–19:00, BTC, ETH and XRP, up to 10 BTC, 100 ETH or 100,000 XRP per order.
Two newer names target institutions. Laser Digital Japan, part of the Nomura group, registered on 21 August 2026 (No. 00032), the first new registration since 2022. It starts by providing liquidity to Japanese exchanges, says institutional trading is "to be announced" and has no retail plans. bitFlyer Prime, announced on 13 July 2026, is a prime-brokerage service due in 2027, with OTC execution by bitFlyer and custody by group company Custodiem (bitFlyer press release). Neither has published minimums. For the others: we couldn't confirm an OTC desk at bitbank (it has a VIP programme), GMO Coin offers only "large withdrawals" of up to ¥100 million a day, and Mercoin has no corporate service.
Who can open an account: companies, individuals, non-residents
Japanese OTC desks are designed for Japan-registered companies whose trader lives in Japan. SBI VC Trade requires a head office or branch registered in Japan and a Japan-resident trader aged 18 or over. GMO Coin requires a Japanese kabushiki kaisha, yugen kaisha or godo kaisha, with the representative and the trader resident in Japan. Coincheck refuses applicants living overseas, and applicants aged 75 or over. bitbank considers overseas corporations case by case but doesn't accept individuals living outside Japan.
For a foreign group, that usually means trading through its Japanese K.K. or G.K., with a Japan-based employee as the registered trader. For an individual expat, the realistic route is SBIVC for Prime (or asking Zaif whether individuals qualify), using a normal resident account opened with your residence card. Our guide for foreigners in Japan covers the account-opening side, including US-person questions.
Expect Japanese paperwork. These are the common corporate documents:
- Tōki jikō zenbu shōmeisho
- The full certified copy of the company register (履歴事項全部証明書), issued within six months. SBI VC Trade wants the original, all pages.
- Inkan shōmeisho
- The company seal certificate (印鑑証明書). Always required at bitbank and BitTrade; at SBI VC Trade only when someone other than the representative trades.
- Power of attorney
- A 委任状 or trader-notification form if the trader isn't the representative director.
- Beneficial owner
- A declaration of the beneficial ownerThe individual who ultimately controls a company, judged mainly by voting rights (実質的支配者). Exchanges must identify them.. Coincheck applies a 50% voting-rights test.
- Extras
- GMO Coin asks for proof of real business activity (a third-party invoice or a licence) and the corporate number notice; BitTrade asks for financial statements if possible.
- Postcards
- Activation by registered post to the company address and the trader's home address.
Since January 2026, new account holders at Japanese exchanges also file a CARFThe OECD Crypto-Asset Reporting Framework. Japanese exchanges collect your tax residence and foreign tax ID so tax authorities can exchange data. self-certification with their tax residence and any foreign tax ID, and companies may need to identify their controlling persons.
How a Japanese OTC trade works, step by step
Details differ by desk, but the public documents describe the same basic sequence. Allow time for the first account opening, because it involves postal steps.
Check eligibility and contact the desk
Read the large-order or corporate page of each exchange for the minimum size and who qualifies (companies only, or individuals too), then contact the desk.
Open the account and pass KYC
Submit the company registry certificate, the trader's ID and a beneficial-owner declaration. Activation is usually completed by receiving a registered postcard at the company and trader addresses.
Pre-fund in yen
Wire yen from a bank account in the company's (or your own) name to the exchange's designated account. Japanese OTC desks expect pre-funding; we found no credit lines.
Request a quote and execute
Give the size and side, then accept the price. OKJ shows a firm quote valid for 10 seconds; Zaif's desk gives a single all-in price by phone or chat.
Custody, withdrawal and records
Leave the coins in the exchange's custody or send them to your own wallet under the Travel Rule, and keep the trade records for tax and accounting.
Pricing: no commission, the cost is in the spread
None of the registered desks we checked charges a separate OTC commission. The cost is the spreadThe gap between the quoted price and the market mid price. On an OTC desk it is effectively the fee.: how far the quoted price sits from the market's mid price. OKJ says outright that there is no fee and the cost is in the bid/ask. Zaif quotes a single all-in price. SBI VC Trade uses its normal prices with volume cashback on top.
The practical test is simple. When the quote arrives, compare it with the order-book mid on the same exchange and one other. On a ¥50 million purchase, a quote 0.3% above mid costs about ¥150,000. Set that against the slippage you would expect from working the order on the book. With OKJ's 10-second window, have the comparison ready before you ask. And because a filled OKJ quote can't be cancelled, agree an internal sign-off process before anyone clicks accept.
Yen only: funding and withdrawals
No registered Japanese exchange we found settles OTC trades in US dollars. Every published pair is against yen, and you pre-fund by bank transfer from an account in your own or your company's name. If your money is abroad, it has to arrive in a Japanese bank account first. The receiving banks are typically GMO Aozora Net Bank, Rakuten Bank or Docomo SMTB Net Bank.
A few specifics: SBI VC Trade accepts deposits of ¥5 million to ¥1 billion through a special bank-transfer route (the threshold fell from ¥10 million on 19 August 2026), credited one to two business days after confirmation. OKJ only takes yen via GMO Aozora Net Bank and refuses transfers from MUFG Bank. Coincheck gives each customer a dedicated virtual account with no upper limit and charges ¥407 per yen withdrawal. GMO Coin's corporate accounts can only fund by bank transfer, and withdrawals above ¥30 million a day go through its ¥400 "large withdrawal" route, up to ¥100 million.
One more thing to plan for. In August 2026 the FSA and the National Police Agency asked the industry to consider delays on sending crypto out after a yen deposit or purchase, pre-registered withdrawal addresses with waiting periods, withdrawal caps and name matching. Not every exchange applies all of these, but if you want to move coins to your own custody straight after the trade, ask about waiting periods first. Our guides to wallets and the Travel Rule and to cashing out to yen cover the rest.
Custody and the corporate year-end tax
For a Japanese company, where the coins sit is also a tax question. Crypto with an active market that a company holds at year-end must be marked to market, and the unrealised gain is taxed (the year-end mark-to-market rule期末時価評価: Japanese companies revalue liquid crypto at fiscal year-end and pay corporate tax on paper gains.). Third-party tokens held under transfer restrictions that follow the industry association's rules are, in principle, outside that rule.
Exchanges have built lock-up products around this. SBI VC Trade locks for a year or more, generally from ¥10 million per asset across 32 eligible coins, free except ¥10,000 per asset for early release, and raises the corporate staking payout from 75% to 90%. Coincheck's asset lock covers BTC, ETH, XRP and FNCT from ¥10 million per asset for one to five years, free since 4 June 2026. BitTrade's version starts at about ¥30 million per asset.
On safety: GMO Coin keeps all client crypto in multisig cold wallets and holds client yen in trust at Nissho Kin Trust Bank, and OKJ protects client yen with a money trust. Ask each desk the same questions before you leave large balances with them.
Tax on large trades, and leaving Japan
For individuals, crypto gains are miscellaneous incomeJapan's catch-all income category (雑所得). Crypto gains are added to other income and taxed at progressive rates., added to your other income and taxed at 5–45% national tax plus 10% resident tax. A single large sale can put you in the top bracket by itself, and losses can't be offset against salary or carried forward. The National Tax Agency's FAQ also says that once annual crypto revenue tops ¥3 million, gains count as business income if you keep books, or business-type miscellaneous income if you don't.
The tax reform enacted in March 2026 creates a 20.315% flat rate with a three-year loss carryforward for "specified" crypto sold to or through a registered exchange. A sale to a registered OTC desk should qualify; a sale to an offshore desk or a private buyer is expected not to. It starts from 1 January of the year after the new securities-law rules take effect, so 2028 at the earliest. Exchanges will then also report customers' trades, with My Number, to the tax office.
Two expat-specific points. First, crypto is not on the list of assets covered by Japan's exit tax on departure, but your residency status during the year still decides how gains are taxed; see moving to or leaving Japan with crypto. Second, under the new Financial Instruments and Exchange Act rules, insider-trading bans will apply to crypto handled by Japanese exchanges, whether traded on an exchange, a DEX or OTC. Off-exchange trades between two parties who both know the material fact are exempt. Talk to a Japanese tax accountant (zeirishi) before a large trade, and read our Japan crypto tax guide and 20% reform explainer.
What about B2C2, Cumberland and other global desks?
If you've traded with global OTC houses elsewhere, the Japanese answer is short: none of them is registered with the FSA, and the Payment Services Act bars unregistered firms from soliciting people in Japan.
| Firm | Japan registration | Relationship to Japanese clients |
|---|---|---|
| B2C2 Offshore | None. B2C2 says it is not licensed or regulated in Japan | SBI took control in December 2020. It provides liquidity to SBI Securities' crypto CFDs and to SBI VC Trade, so Japanese clients reach it only through SBI's registered firms |
| Cumberland Offshore | None | Offices in Chicago, London, Singapore and elsewhere; none in Japan |
| Matrixport Offshore | None | Lists Japan as a restricted country |
| Komainu Offshore | None | Custodian backed by Nomura, CoinShares and Ledger; no Japan office or licence found |
| SBI Zodia Custody | None | SBI–Zodia joint venture dissolved in September 2025 without filing with the FSA |
The new securities-law rules go further: if an unregistered firm sells crypto that no registered exchange handles, the contract is presumed void. For tax, gains on an offshore desk are expected to miss the 20% rate. The broader picture is in our guide to offshore exchanges and Japan. And if someone on social media offers to "cash out any size, same day", read our P2P guide first: that's how unregistered dealers end up arrested.
Which desk fits you
Start by confirming the firm on the list of FSA-registered exchanges, then match your profile:
- Wealthy individual: SBIVC for Prime; ask Zaif Prime Desk
- Operating company: Coincheck Prime, OKJ, BitTrade, SBI VC Trade
- Listed company or fund: OKJ, Laser Digital Japan (TBA), bitFlyer Prime (2027)
- Under ¥10m: split limit orders on a normal exchange
If you want a firm price at any hour, OKJ is the only desk that publishes 24/7 quoting. If you want a person on the phone, Zaif. If you're a company that also wants staking and lock-ups in one place, Coincheck Prime. If free yen transfers and volume cashback matter most, SBI VC Trade. Terms change often, so check each firm's latest official documents before you commit.
Before you wire ¥50 million
Ask the desk for its quote mechanics, the cut-off for same-day settlement, any withdrawal waiting period, and how client crypto is protected. Get the answers in writing.
Bitcoin OTC in Japan: FAQ
What is the minimum for a bitcoin OTC trade in Japan?
Around ¥10 million is the common entry point. Zaif Prime Desk starts at ¥10 million equivalent, Coincheck Prime is for companies holding or trading ¥10 million or more, and SBIVC for Prime qualifies you with a ¥10 million balance or planned trading. OKJ and BitTrade set their thresholds by corporate eligibility rather than a published amount.
Can I settle a Japanese OTC trade in US dollars or USDT?
Not at any registered exchange we found. Every published OTC pair is quoted against yen, and desks expect you to pre-fund in yen from a domestic bank account in your own or your company's name.
Can a non-resident or a foreign company use a Japanese OTC desk?
Generally no. Desks are built for Japan-registered companies with a Japan-resident trader. Coincheck does not accept applicants living overseas, and bitbank considers overseas corporations only case by case while refusing individuals living outside Japan.
Can I trade with B2C2, Cumberland or another global OTC desk from Japan?
None of them is registered with the FSA, and an unregistered firm may not solicit or serve people in Japan as a business. B2C2 itself says it is not licensed or regulated in Japan; Japanese clients only reach its liquidity indirectly through SBI's registered companies.
What does an OTC desk charge?
No registered desk we checked publishes a separate commission. The cost sits in the quoted price: OKJ states there is no fee and the cost is in the bid/ask, and Zaif quotes an all-in price. Compare the quote with the order-book mid price at the moment you receive it.
How is a large crypto sale taxed in Japan?
For individuals, gains are miscellaneous income taxed at up to 55% with resident tax, and a large sale can push you into the top bracket on its own. Companies pay corporate tax and may have to mark crypto to market at year-end. The planned 20% rate is expected from 2028 at the earliest and only for sales to or through registered exchanges.
Sources
- OKJ: large-lot OTC trading disclosure (Japanese PDF)
- Zaif Prime Desk (Japanese)
- Coincheck Prime (Japanese)
- SBI VC Trade: SBIVC for Prime (Japanese)
- BitTrade: large-lot OTC (Japanese)
- Laser Digital Japan receives regulatory approval
- B2C2 on its role for SBI Securities (2 September 2025)
- FSA register of crypto-asset exchange service providers
Keep reading
Exchange fees compared
Maker/taker, spreads, deposits and withdrawals side by side
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Japan crypto tax guide
How miscellaneous income tax works, with yen examples
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Crypto for foreigners in Japan
Visas, residence cards, US persons and tourists
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Moving to or leaving Japan with crypto
Residency status, exit tax and closing accounts
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SBI VC Trade review
Free deposits, withdrawals and transfers, plus USDC
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FSA-registered exchanges list
Every licensed operator with registration number and what it offers
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