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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. According to sources familiar with the matter, Apple removed the apps from its App Store in response, while Google has not yet commented on whether it will follow suit. This is the first time the Japanese regulator has made such a request. The targeted exchanges include Bybit and MEXC Global. Three other overseas exchanges were also identified but have not yet been publicly named. According to Japan’s Payment Services Act, crypto exchanges must register with the FSA to operate legally in the country. This requirement ensures compliance with anti-money laundering (AML) and investor protection laws. FSA crackdown The FSA has long been tightening regulations on crypto exchanges, requiring them to adhere to strict know-your-customer (KYC) and AML rules. The agency had previously issued repeated warnings to Bybit, MEXC Global, and other firms to cease operations targeting Japanese residents. However, the exchanges allegedly continued to allow users in Japan to access their platforms, prompting the agency to escalate its enforcement measures. Japan maintains one of the world’s most rigorous regulatory frameworks for cryptocurrency. This system was implemented following the high-profile Mt. Gox and Coincheck hacks, which resulted in billions of yen in customer losses. Registered exchanges in Japan must store customer funds separately from company assets, maintain high-security standards, and comply with periodic audits conducted by the FSA. 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. Industry analysts say the move could pressure unregistered exchanges to seek compliance or entirely exit the Japanese market. Mentioned in this…

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Filed under: News - @ February 7, 2025 8:17 pm