Japan’s Financial Services Agency (FSA) has requested Apple and Google to block downloads of crypto exchange apps operating in the country without proper registration, local media reported on Feb. 7.
Apple, say sources with knowledge of the situation, removed the app from its App store in response. Google is still unsure if it will take the same action. The Japanese regulator is making this request for the first time.
Bybit Global and MEXC Global are two of the exchanges that have been identified as targets. Other overseas exchanges, which have yet to be publicly identified, were also identified.
According to Japan’s Payment Services Act, crypto exchanges must register with the FSA to operate legally in the country. It is important to comply with laws governing anti-money launder (AML), investor protection, and other regulations.
FSA crackdown
Since long, the FSA has tightened regulations for crypto exchanges. They require them to follow strict Know-Your-Customer (KYC), and Anti-Money Laundering (AML) rules.
Bybit, MEXC Global and other companies had been warned repeatedly by the agency to stop targeting Japanese citizens. The exchanges continued to allow Japanese users to access the platforms. This prompted the agency to intensify its enforcement actions.
Japan maintains one of the world’s most rigorous regulatory frameworks for cryptocurrency. The system was introduced following the Mt. The hacks at Mt.
The FSA conducts periodic audits of registered exchanges. They must adhere to high security standards and store funds for customers separately.
The FSA’s request highlights Japan’s commitment to enforcing compliance within its crypto sector, but it also raises questions about how major tech companies like Apple and Google enforce regulatory demands from governments.
According to industry analysts, the action could pressurize unregistered trading exchanges into compliance or even out of the Japanese market.
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