Apple has removed several cryptocurrency exchange apps from its App Store for Japanese users following warnings from Japan's Financial Services Agency (FSA).
Why Apple Removed the Apps
According to Yahoo Japan, the apps were removed due to warnings from the FSA concerning unregistered operations of certain crypto exchanges. These actions by Apple align with the FSA's recent push for tighter oversight of cryptocurrency platforms.
Affected Exchanges
Major exchanges such as Bybit, KuCoin, Bitget, MEXC, and LBank have been affected. However, not all unlicensed exchanges are impacted, as apps like Crypto.com and CoinEx remain available in the App Store.
Regulatory Environment in Japan
Japanese authorities have yet to issue an official statement on the app removals. However, this aligns with FSA's efforts to revise its guidelines to enhance investor protection. Potential amendments might include reclassifying cryptocurrencies as financial instruments.
The situation underscores the cautious approach of Japanese regulators towards cryptocurrency and a focus on investor safety. Future legislative changes may expand opportunities for investment funds in Japan.
