According to reports by local Japanese media, several overseas cryptocurrency exchanges’ applications were abruptly removed from Japanese mobile app stores. The exchanges confirmed to have been removed include Bybit, Bitget, MEXC, KuCoin, and LBank. Should users in Japan try to d…
According to reports by local Japanese media, several overseas cryptocurrency exchanges’ applications were abruptly removed from Japanese mobile app stores.
The exchanges confirmed to have been removed include Bybit, Bitget, MEXC, KuCoin, and LBank. Should users in Japan try to download these apps from the official website, they get a message that says, “This application is currently not available in this country or region.”
Additionally, when entering the names of these exchanges in the search bar, no related applications could be found, which means new users will be unable to create accounts.
For some reason, Bitcastle is still available for download, even though it also received a warning. One report speculated that it may be because the exchange seems to now be abiding by the FSA’s rules.
Another cryptocurrency app still available on the App Store is Gate.io, which acquired domestic cryptocurrency exchange Coin Master in December last year.
Bitforex also received a warning in 2023, and it no longer appears when searched on the App Store.
If the apps don’t return to the app stores, it is very likely that users will not be able to update the affected crypto exchange apps.
Japan’s regulatory approach to cryptocurrency is considerably more cautious compared to other Asian markets. Unlike Hong Kong, which has already approved spot Bitcoin and Ether exchange-traded funds (ETFs), Japanese regulators remain cautious, expressing concerns over the volatility and associated risks of the underlying crypto assets behind these ETFs.
Notably, industry stakeholders do not believe the FSA’s action is part of a crackdown on retail cryptocurrency investing.
Still, there are existing regulatory loopholes that allow some exchanges to provide services via other channels. Users with non-Japanese Apple IDs can still download these applications within the country.
Also, some unlicensed exchanges, such as Crypto.com and CoinEx, can still be searched and downloaded from the Japan App Store.
There’s still speculation about the FSA implementing stricter measures in the future and how the affected overseas exchanges will respond.
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Japan removes Kucoin, Bitget, and other unregistered crypto exchanges from app stores after FSA request – CoinMarketCap
