Japan’s financial watchdog has asked Google and Apple to remove unregistered cryptocurrency trading apps from their app stores.
Local news outlet Nikkei reported today that Japan’s Financial Services Agency (FSA) issued the directive last week. Per the report, the FSA asked Google and Apple to suspend the downloads of apps belonging to five unregistered exchanges.
They include KuCoin, Bybit Fintech, LBank Exchange, MEXC Global, and Bitget. Though headquartered in different parts of the world, these exchanges have made their apps available for download in Japan.
The FSA claimed these exchanges are unregistered. As such, it asked Google and Apple to remove their applications from their respective mobile app stores for the Japanese market.
Interestingly, Nikkei reports that Apple has already complied with the directive by removing the five applications yesterday, February 6. However, whether exchange applications are still available on Google PlayStore remains unclear.
Not a Clampdown on Crypto Trading
In response to this development, Japanese blockchain expert Anndy Lian clarified that the recent directive does not imply that the FSA is clamping down on crypto trading. Instead, he emphasized that the move is part of efforts to get crypto businesses to play by the country’s rules.
Furthermore, Lian characterized the decision as another example of the FSA prioritizing market integrity and consumer protection. According to him, the authorities are only preventing a repeat of the 2014 Mt. Gox hack.
Recall that the exchange suffered one of the biggest hacks in crypto’s history, causing over 127,000 investors losses worth $9.7 billion.
Mt. Gox is already taking steps to repay creditors, with 48,641 BTC transferred to KuCoin for redistribution. In December, Mt. Gox also transferred over $2.4 billion worth of BTC to a new wallet, stirring speculations that it plans to repay more creditors.
“These exchanges must acquire the necessary compliance to serve Japanese users going forward,” Lian added.
Japan’s Cautious Approach to Cryptos
This recent decision follows Japan’s 2025 tax reforms, which require the country to treat cryptos like traditional financial instruments. Since the Mt. Gox incident, Japan has taken a more cautious approach to crypto assets.
Last year, Japan stated that it would not acquire Bitcoin as a reserve asset. This statement came after a member of the House of Councilors, Satoshi Hamada, asked the country to consider following the U.S. plan to potentially create a Strategic Bitcoin Reserve (SBR).
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