Japan Bans Five Crypto Exchanges After Ignored Warnings
Japan’s FSA requires Apple and Google to remove crypto exchanges five times from their app stores. The FSA claims that these exchanges are unregistered and that despite past warnings, they are not up to compliance.
The company in question is KucoinBybit, Bitget, MEXC Global and Lbank Exchange. Some of them try to achieve compliance in other jurisdictions.
Japan prohibits five exchanges
According to local reports, the Japan Financial Services Agency (FSA) has ask Apple and Google can block downloads from five crypto exchanges.
Specifically, FSA targets Kucoin, Bybit, Bitget, MEXC Global and Lbank Exchange. As Beincrypto previously reported, regulators These businesses have been warned before About not doing this Meet registration requirements. It seems that these warnings have not attracted people’s attention.
Despite this crackdown on unregistered exchanges, Japan has actually made some proposals for the cryptocurrency industry. For example, FSA begins review of crypto tax laws Trying to lower them last year.
There are also members of parliament Start advocating Bitcoin reservesSome ETF issuers believe Bitcoin ETF approaches approval.
Despite the positive momentum, regulators cannot ignore blatant violations like these exchanges. No company seems to have tried to achieve any compliance since the September warning.
Only bybit has been released statementseems to be overlooking the problem:
“We want to clarify the latest discussion about BYBIT’s services to Japanese-speaking users. Bybit continues to provide services to Japanese-speaking users. We sincerely apologize for any inconvenience caused. We are committed to working closely with the authorities to ensure that we meet regulatory expectations in all localities. ”
It is not clear what the company means yet. when deribit retreated from Russia yesterdaythe company’s statement clearly stated that foreign Russian users can only access their services under very specific conditions.
Do these exchanges require similar exceptions to users outside of Japan? Whatever the new term is, they seem to have been thought out.
The most confusing elements are most These exchanges attempt to improve regulatory compliance In countries outside Japan. bybit Obtained a license in India yesterdayand Kucoin Reconciliation with the United States last month.
In addition, bitget has a Positive strategies to meet EU requirements. Japan warned the companies a few months ago, but it seemed to do nothing.
“These platforms are low-key transaction encryption in Japan, without the right paperwork, and now their users are exposed. There is no legal protection, no supervision – just pure chaos. Japan will bring attention to the cryptocurrency world: obey the rules or face the consequences ,” Mario Nawfal Write On X (formerly Twitter).
Overall, it is unclear how long these exchanges will be banned in Japan or they are even interested in returning. The incident will become a data point in the dirty chart of fines, injunctions and criminal charges.
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