[NEWS] Bybit, Bitget and other overseas cryptocurrency exchange apps have been removed from the Japanese App Store

On the 6th, it was discovered that apps for overseas cryptocurrency exchanges such as Bybit and Bitget have been removed from the Japanese App Store.

At present, five exchanges have been identified: Bybit, Bitget, MEXC, KuCoin, and LBank. As a result, it is currently impossible to download the apps of these exchanges.

All of the exchanges whose apps were removed this time received a warning letter from the Financial Services Agency in November last year for operating an unregistered cryptocurrency exchange business with Japanese residents as counterparties.

Currently, there are several overseas cryptocurrency exchange apps available for download on the Japanese App Store, but the number of exchanges that will be removed in the future may increase. This move has left an impression that regulatory authorities such as the Financial Services Agency are strengthening their monitoring of unregistered cryptocurrency exchange operators.

In Japan, in order to operate a cryptocurrency exchange business, it is necessary to be registered as a cryptocurrency exchange operator. However, at present, there are some aspects that are inferior to overseas cryptocurrency exchanges, such as the fact that leverage trading can only be performed up to a maximum of 2x. Some users have been seen using overseas cryptocurrency exchanges in order to take advantage of higher leverage or to trade cryptocurrencies that are not available in Japan.

In Japan, momentum is building for a review of regulations, including tax reform for crypto assets. The 2025 tax reform outline, which was revealed in December last year, also includes a statement that tax reform for crypto assets will be considered, and recently Finance Minister Katsunobu Kato stated in a Diet response that a conclusion would be reached by the end of June this year.

In addition to the industry's strong demands for making profits and losses from crypto asset transactions subject to a 20% separate taxation and allowing loss carryover deductions for three years, some proposals also call for an increase in the leveraged trading rate for crypto assets.

In the midst of this, overseas businesses have been entering the Japanese market in recent years. On the 6th, OSL Group Limited, which acquired domestic crypto asset exchange CoinBest in November last year, announced that it would officially launch the exchange as OSL Japan. At the end of last year, Gate.io announced its entry into the Japanese market by acquiring all shares of domestic crypto asset exchange Coin Master.

As regulatory review and industry restructuring progresses, efforts to crack down on unregistered cryptocurrency exchanges are likely to accelerate in the future.

Image: Shutterstock

Related articles

CoinBest changes name to "OSL Japan" - "Confident of growth in the Japanese market"

Japanese government says it will reach a conclusion on regulations, including tax reform for crypto assets, by the end of June