Japan's Financial Services Agency (FSA) has adopted a strong position against unregistered digital currency exchanges operated from within the country.
Regulators have asked Google and Apple Remove 5 major crypto exchange apps—BYBIT, KUCOIN, BITGET, LBANK and MEXC – Local news outlet Nikkei from their respective Japanese app stores.
This action is part of a country's strict cryptographic regulations requiring that all exchanges to Japanese consumers be registered. FSA.
Check for unregistered exchanges
The FSA's request highlights Japan's ongoing initiative to ensure industry compliance with cryptocurrencies. Crypto exchanges that provide services to Japanese citizens under the Japan Payment Services Act must obtain regulatory permits before they can first operate domestically. Nevertheless, the FSA has no proper registration, Bybit, Kucoin, Bitget, Lbank and Mexc continue to serve Japanese consumers.
The Japanese Financial Services Agency (FSA) is asking Apple and Google to remove five unregistered crypto exchange apps from the platform
– The Japanese Financial Services Agency (FSA) has officially requested that Apple and Google remove five unregistered crypto exchange applications… https://t.co/r6n01wtz5a pic.twitter.com/zwdqardecn
– bscn (@bscnews) February 7, 2025
Order deletion From the app store, authorities hope to limit access to these platforms and stop users from interacting with transactions that are not subject to Japanese regulations. Although no specific fines have been disclosed for the violation, the lawsuit strongly shows that Japan is taking cryptography seriously.
Apple responds, and Google's behavior is unknown
Apple will obviously move quickly to eliminate targeted crypto trading apps from Japan App Store After receiving the FSA request. Users are currently seeing alerts that some apps are unable to access them in their country or region when they try to download them. Additionally, while searching for five exchanges in the App Store, nothing appears and discourages new users from creating an account.
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However, Google's response is still unknown. There is no evidence yet that the tech giant has removed the app from the Japanese Google Play Store. If Google is compliant, it could further restrict Japanese consumers' access to these exchanges, making it even more difficult to trade crypto on unregistered sites.
Japan's strict cryptography rules
In Bitcoin exchange, Japan boasts some of the strictest rules in countries. Following previous security revocation and fraud cases, the government has tightened its policies to ensure user protection. Among other legal liability, all licensed exchanges must adhere to strict money laundering (AML) and knowledge (KYC) Rules.
With this latest action against Bybit, Kucoin, Bitget, Lbank and MEXC, Japan is showing its willingness to eradicate non-compliant services. It also serves as a warning to other exchanges that may work without proper registration.
The future of Japanese code
Japan remains a major hub for adopting cryptocurrency, but its legislative framework continues to become more stringent. The latest enforcement action by the FSA means that the land of the rising sun is not ready to accept trade that deviates from licensing standards.
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