Migration scholars are becoming increasingly concerned about migrants' exploitation by intermediaries and the state's regulatory power on these intermediaries. This study looks at Bangladeshi migration to Japan and the USA and examines the relationships among migrants, agents and the state. To comprehend the migrant's perspective, an ethnographic methodology is adopted to conduct fieldwork among Bangladeshis in Tokyo and Los Angeles. Several findings contradict the tenets of market-based approach to migration agent's business: that the agents may develop migration business out of legal procedures to enter the destination countries, and that the agents provide useful services to both the migrants and the state. Thus, it argues that migration agents and the states are not always competing with one another, but can be mutual beneficiaries. It also finds that migrants affect the agents by influencing their business reputation. Thus, it argues that the migrants are not powerless vis-à-vis the agents, but rather have ability to hold the agents do business responsibly. Therefore, it urges for re-conceptualising the relationships among the migrants, agents and the state.