Japan's Financial Regulator Targets Unregistered Crypto Exchanges
Japan's Financial Services Agency (FSA) has taken a significant step in regulating the cryptocurrency market by requesting Apple and Google to block five unregistered overseas crypto exchange apps from their app stores. According to a report by The Block, the targeted companies include Bybit, MEXC Global, LBank Exchange, KuCoin, and Bitget. This marks the first time the FSA has made such a request, highlighting its commitment to enforcing compliance under the Payment Services Act. Apple has already removed the apps in Japan, while Google has yet to respond. However, previously downloaded apps remain functional, which could allow their continued use.
Japan has long maintained a strict regulatory framework for cryptocurrencies, aiming to protect investors and ensure market integrity. The FSA's actions are part of broader efforts to curb unlawful activities and enhance oversight. The country has also become a hub for enterprise participation in the crypto space, with major players like Nomura and Sony making strides. This development underscores Japan's cautious yet proactive approach to the evolving crypto industry. (Source: The Block, https://www.theblock.co/post/339501/japan-apple-google-block-crypto-apps)
Apple Removes Unregistered Crypto Apps Following Japan's Request
Cointelegraph reports that Japan's FSA has asked Apple and Google to suspend downloads of five unregistered cryptocurrency exchange apps, including Bybit, MEXC Global, LBank Exchange, KuCoin, and Bitget. Apple responded by removing the apps from its App Store on February 6, 2025, while Google has not yet commented on the matter. The FSA clarified that this move is not aimed at shutting down crypto investing but rather ensuring compliance with local regulations.
Japan's regulatory landscape for cryptocurrencies is among the strictest globally, prioritizing consumer protection and market integrity. The FSA's actions reflect its commitment to drawing a clear line for noncompliant exchanges. This regulatory push comes as Japan continues to refine its crypto policies, including a new tax reform set for 2025. Industry experts view these measures as a way to enhance investor safety while maintaining a balanced approach to crypto adoption. (Source: Cointelegraph, https://cointelegraph.com/news/japan-removes-unregistered-crypto-exchange-apps)
Japan's FSA Enforces Compliance on Crypto Exchanges
According to CryptoSlate, Japan's FSA has requested Apple and Google to block access to unregistered crypto exchange apps operating in the country. Apple has already complied by removing the apps, while Google has yet to confirm its response. This is the first instance of such a request by the FSA, which aims to ensure compliance with the Payment Services Act. The targeted exchanges include Bybit and MEXC Global, among others.
Japan's stringent regulatory framework requires crypto exchanges to register with the FSA to operate legally. This move follows repeated warnings to the exchanges, which allegedly continued to allow Japanese users access to their platforms. The FSA's actions highlight its dedication to investor protection and adherence to anti-money laundering laws. Analysts suggest that this could pressure unregistered exchanges to either comply with regulations or exit the Japanese market. (Source: CryptoSlate, https://cryptoslate.com/japan-requests-apple-google-block-access-to-unregistered-crypto-exchanges/)
Sources:
- Japan's financial regulator asks Apple, Google to block unregistered crypto exchanges: report
- Japan asks Apple, Google to remove unregistered crypto exchange apps
- Crypto Exchange Volumes Drop for First Time In Four Months: CCData - "The Defiant"
- Japan requests Apple, Google block access to unregistered crypto exchanges
- Japan's FSA Orders Apple, Google to Remove Bybit, KuCoin, and Three Crypto Exchange Apps from Their Stores
- Coinbase Crosses $420,000,000,000 in Assets As CEO Brian Armstrong Ranks Crypto Exchange Among Top US Banks
