The Financial Service Agency (FSA) of Japan asked Apple and Google to block downloads of five major cryptocurrency exchange apps as they are not registered in the country.
Last week, the FSA requested to block the download of Bybit (Dubai), MEXC Global (Singapore), LBank Exchange, KuCoin (Seychelles), and Bitget (Singapore). As per the report by Nikkei, Apple removed this app from its App Store in Japan on February 6.
Japan has adopted a more cautious attitude to crypto than other Asian economies. However, Hong Kong has approved Bitcoin and Ethereum ETFs, Japanese regulators remain cautious about crypto market risks.
However, industry experts say blocking downloads of unregistered crypto exchanges is not necessarily a crackdown on retail crypto investing.
These exchanges had previously been warned by Japan’s FSA for operating without registration. However, not all unlicensed exchanges are affected. The report notes that searches for “crypto assets” or “virtual currency” still show apps from Crypto.com and CoinEx.
On February 6, Bybit confirmed its app’s removal but assured users that those who already have it can continue using it without issues.
As of now, authorities have not made any public statements. The timing is significant, coming just weeks after the FSA called for stricter internal audits and oversight of crypto exchanges.
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