Japan’s Financial Services Agency recently asked Apple and Google to remove five encrypted currency exchange applications from the Apple App Store and Google Play. The exchange applications that were asked to remove by BYBIT, Mexc Global, LBANK Exchange, Kucoin and Bitget Limited according to Wu Blockchain.
Why does Japan do this?
Japan has frame strict rules and regulations to exchange the encrypted currency that must be followed. According to the law, the stock market must be registered with the government or with the Japanese FSA before it starts operating it inside the region. After a careful review, warning letters were sent to these exchanges in November 2024, but due to the lack of any action by these stock exchanges, the Japanese government decided to take the matter in its hands and asked major technology companies to prevent access to these platforms.
What happens now?
Apple removed the aforementioned applications from its store in Japan. For users who have already downloaded applications, they will remain able to use them but new downloads can not be made anymore. Google, on the other hand, did not show comments on her action plan for this particular issue.
With this scrutiny increased, there is one clear thing that governments are now interested in detail and expect things to run according to the specified framework. The exchanges that do not follow the aforementioned instructions may end. For example, Bybit was suspended in India as it was not registered in the Financial Intelligence Unit (FIU). After paying a huge penalty of one million dollars, the stock exchange itself with Indian Fiu and the stock exchange is now ready to start trading in the region. Trading should be resumed soon. Moreover, the stock exchange is also applied to register as an Indian virtual digital asset service provider in the region.
What next?
In order to stay at work, the exchanges must now be on alert and follow up on local laws and comply for each of them. The government does everything necessary to protect its users and maintain fair markets.
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