FSA Orders Apple and Google to Restrict Unregistered Exchanges
Japan’s
Financial Services Agency (FSA) has formally requested Apple and Google to
block five overseas crypto exchange apps from their platforms in the country. The targeted exchanges include
Bybit, MEXC Global, LBank Exchange, KuCoin, and Bitget, all of which were allegedly operating without proper regulatory registration.
Apple Removes Apps; Google Yet to Respond
Apple reportedly complied with the request on Thursday, removing the apps from its Japan store. However, Google has yet to take action. Notably,
users who previously downloaded the apps can still access them, highlighting the challenge of enforcing such measures in a decentralized industry.
Japan’s Ongoing Crypto Crackdown
Japan enforces one of the
strictest crypto regulatory frameworks globally, requiring exchanges to register with the
FSA under the Payment Services Act. The country has also been
tightening financial monitoring, especially following high-profile exchange collapses. While
South Korea dominates retail crypto trading in Asia, Japan has carved out a niche as a hub for
institutional blockchain participation, with major financial firms such as
Nomura, SBI Holdings, and Sony entering the sector.
Potential Market Impact
Despite the regulatory crackdown, Japan continues exploring
crypto integration into traditional finance, with its
three largest banks—MUFG, SMBC, and Mizuho—trialing a cross-border stablecoin platform. However, blocking major global exchanges could push Japanese investors toward
regulated domestic platforms or drive
increased use of decentralized finance (DeFi) alternatives.
