The Financial Services Agency (FSA) of Japan has intensified its scrutiny of domestic cryptocurrency exchanges, specifically targeting practices that prioritize high-spread 'Sales Office' (Hanbaijo) channels over traditional exchange order books. A working group report draft has raised significant concerns that exchanges are steering users—often by default or through UI design—toward these over-the-counter services. These channels typically charge much wider spreads compared to transparent order-book exchanges, potentially disadvantaging retail investors. Regulators are questioning whether this operational model complies with 'best execution' duties, noting that spreads can sometimes reach as high as 10%. The FSA's focus is on enhancing user protection and pricing transparency, ensuring that customers are not unknowingly paying higher costs due to platform interface choices. Traders and industry insiders fear the report signals a tightening of regulations on domestic exchange operations. Such regulatory shifts could significantly impact the revenue models of Japanese exchanges, which have relied heavily on the higher margins provided by the Sales Office model. [Update 1] The FSA's draft report explicitly criticizes the discrepancy in costs and the lack of clear guidance for users, suggesting imminent discussions on regulatory changes to enforce fairer pricing transparency.