Japan’s FSA orders Apple, Google to remove unregistered crypto exchange apps, reinforcing strict regulatory compliance in the country’s digital asset market.
Japan’s Financial Services Agency (FSA) has taken action against five unregistered cryptocurrency exchanges. The agency demands both Apple and Google stop offering their applications for download. Japan remains firm about regulating compliance standards within cryptocurrencies by prohibiting cryptocurrency application downloads.
The targeted exchanges operating in Japan include Bybit Fintech from Dubai, KuCoin from Seychelles and MEXC Global, and Bitget from Singapore, as well as LBank Exchange. The exchange platforms continue to operate in Japan without completing any necessary registrations. The FSA alerted the companies regarding their needed compliance, yet they persisted with their operations.
The FSA demanded Apple remove affected applications from their App Store on February 6 after their request. The application removal by Apple stops Japanese users from acquiring the downloads. Installed users who possess the crypto applications can continue using them without facing any barriers. Google has not executed the request provided by the FSA.
The Japanese government shows restraint in its approach to cryptocurrency policy. The Asian market of Japan maintains an extensive set of strict rules for digital asset platform compliance. Companies operating without proper registration face regulatory scrutiny.
Japan stands as a supportive country toward the developing crypto industry despite its security measures. The Financial Services Agency revised crypto tax regulations throughout last year to promote industry growth. The government maintains its position to enforce the standards for registry requirements.
Apple Removes Crypto Apps in Japan After FSA Compliance Push
Bybit, one of the affected exchanges, released a statement addressing the situation. The company has verified that its application stops appearing in the Japanese Apple App Store downloads. Current users maintain complete access to their banking functions, such as deposits, withdrawals, and trading through the system. Bybit declared through official statements that customer accounts together with their assets were safeguarded.
Apple has already issued several previous warnings to these exchange platforms. The platforms received warnings from Apple to cease operations for Japanese users without valid permission. The Financial Services Agency initiated further steps because the exchanges did not listen to their warnings.
The financial regulator of Japan became the first authority to demand Apple and Google remove crypto exchange apps from their platforms. The government shows a trend toward raising its digital asset trading oversight using this decision.
The future outlook regarding Google’s potential app removal actions remains ambiguous compared to Apple’s recent move. The FSA delivered a warning message to other unregistered exchanges that operate within Japan. The regulatory organization plans to intensify its oversight of crypto companies in the future.
