The Financial Services Agency (FSA) of Japan has adopted a strong position against unregistered digital currency exchanges operating from within the nation.
The regulatory authority has asked Google and Apple to take down five main crypto exchange apps—Bybit, KuCoin, Bitget, LBank, and MEXC—from their respective app stores in Japan, local news outlet Nikkei reported.
This action is part of the nation’s rigorous crypto regulations, which demand that every exchange catering to Japanese consumers register with the FSA.
Examining Unregistered Exchanges
The request made by the FSA emphasizes Japan’s continuous initiatives to guarantee industry compliance with cryptocurrencies. Any crypto exchange serving Japanese citizens under Japan’s Payment Services Act must first get regulatory clearance before operating in the nation. Nonetheless, the FSA says that without appropriate registration, Bybit, KuCoin, Bitget, LBank, and MEXC have kept providing services to Japanese consumers.
JAPAN’S FINANCIAL SERVICES AGENCY (FSA) CALLS FOR APPLE AND GOOGLE TO REMOVE FIVE UNREGISTERED CRYPTO EXCHANGE APPS FROM THEIR PLATFORM
– Japan’s Financial Services Agency (FSA) has formally requested that Apple and Google remove five unregistered crypto exchange applications… https://t.co/r6n01WTz5a pic.twitter.com/zwDQarDecn
— BSCN (@BSCNews) February 7, 2025
Ordering their removal from app stores, authorities hope to limit access to these platforms and stop users from interacting with transactions that fall short of Japanese regulations. Although no particular fines have been disclosed for non-compliance,
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Author: Christian Encila
