Japan Crypto Exchange Cleanup Begins With 5 Apps Blocked

2 mins mins

Key Points:

Japan’s FSA asked Apple and Google to block five unregistered crypto exchange apps.
Apple removed the apps, reinforcing regulatory compliance and consumer protection efforts.
The FSA promotes registered platforms to ensure market stability and build trust.

Japan Crypto Exchange Cleanup Begins With 5 Apps Blocked

Nikkei, a Japan Economics Newspaper site, reported Japan’s Financial Services Agency (FSA) had urged Apple and Google to suspend five unregistered crypto exchange apps: Bybit, MEXC Global, LBank, KuCoin, and Bitget. These platforms were operating without authorization as per Japan’s Payment Services Act.

Previously, the FSA had warned these exchanges against servicing Japanese customers. Apple promptly removed the apps on February 6, highlighting the agency’s commitment to consumer protection and regulatory compliance in the country’s crypto market.

Five Japan Crypto Exchange Apps Removed Following FSA Order

Japan’s Financial Services Agency (FSA) has urged tech giants Apple and Google to block applications from five unregistered overseas crypto exchanges, which are Bybit, MEXC Global, LBank, KuCoin, and Bitget.

These platforms operated without authorization under the Payment Services Act, despite prior warnings from the FSA against serving Japanese customers.

In response, Apple removed five Japan crypto exchange apps from its App Store on February 6, demonstrating the FSA’s commitment to enforcing local cryptocurrency regulations and protecting consumers.

FSA Crackdown Highlights Need for Compliance in Crypto Trading

Recent actions against unregistered crypto exchanges in Japan highlight the need for users to prioritize registered platforms for compliance and consumer protection.

The FSA’s enforcement of regulations aims to enhance consumer trust and market stability, prompting users to verify their registration status before trading.

Stricter regulations could further shape the market, affecting innovation and consumer safeguards. These measures reflect Japan’s commitment to creating a secure environment for digital assets.

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