Japan’s crypto world just got a big shake-up. Popular crypto trading apps like Bybit, Bitget, KuCoin, and MEXC have suddenly disappeared from the Japanese Apple App Store. This has left many crypto traders confused and worried, especially those who rely on these apps for daily trading. While there’s no official explanation yet, it seems Japan’s strict crypto rules might be behind this move.
Regulatory Pressure Behind the Move
Japan has some of the strictest rules for crypto exchanges. The country’s Financial Services Agency (FSA) requires all exchanges operating in Japan to register with them. This ensures that these platforms meet specific security and compliance standards to protect investors. Back in November 2023, the FSA issued warnings to several unregistered crypto companies, which now seems connected to the recent app removals. This crackdown reflects Japan’s bigger efforts to keep its crypto space safe from possible scams and frauds like FTX.
What This Means for Crypto Users in Japan
For now, users who already have these apps installed can still access them. However, they won’t be able to update the apps or reinstall them if deleted. This restriction could push Japanese traders towards locally licensed exchanges like bitFlyer, Coincheck, and GMO Coin, which fully comply with the country’s regulations. These platforms offer a safer environment since they operate under strict Japanese laws designed to protect user funds.
Growing Concerns Over Compliance
Though, the exact reason behind the removal of these apps is not clear. There is a buzz that apart from regulatory non-compliance, Apple’s own policies might also play a role, as the company could be responding to regulatory pressure from the Japanese government.
Moreover, Japan’s FSA has a history of cracking down on overseas crypto platforms operating without authorization. In such cases, users face higher risks since unregistered platforms don’t offer the legal protections provided by licensed exchanges. As the situation unfolds, Japanese traders are advised to stay updated on regulatory changes and consider using compliant platforms to ensure the safety of their investments.
