The FSA has targeted five exchanges, including Dubai-based Bybit Fintech, Singapore-based MEXC Global, LBank Exchange, Seychelles-based KuCoin, and Singapore-based Bitget. On February 6, Apple removed these apps from the App Store, preventing Japanese users from downloading them.

Japan’s Cautious Approach to Crypto

Japan has adopted one of the most cautious stances towards cryptocurrencies among Asian markets. While Hong Kong has approved the first spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs), Japanese regulators remain wary of the volatility and risks associated with crypto ETFs.

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The FSA’s action should not be seen as a crackdown on retail crypto investment. Anndy Lian told Cointelegraph, “This isn’t about shutting down crypto investing. It’s about saying, ‘If you want to operate in our market, you must play by our rules.'”

New Tax Reform and Investor Protection

This regulatory move comes after the announcement of a new tax reform for 2025, which will treat crypto assets like traditional financial assets.

Lian emphasized that Japan’s regulatory approach is not an attack on crypto but a measure for investor protection and accountability. He pointed out that after the Mt. Gox hack in 2014, which caused massive losses, Japan has focused on tightening regulations to prevent such incidents. The Mt. Gox collapse resulted in a loss of $9.4 billion for over 127,000 investors.

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KuCoin Settles Penalty, Resumes Operations

KuCoin has already settled its compliance proceedings with the FIU by paying a $41,000 penalty. This has allowed them to resume operations in India.

Binance, on the other hand, has yet to resume operations. The exchange is currently undergoing a hearing with the FIU to determine its financial penalty. Once the penalty amount is finalized, Binance will be able to complete its compliance process and re-enter the Indian market.

Previous Ban Lifted

This news comes after Binance and KuCoin were among several offshore cryptocurrency exchanges banned by India in December 2023. Other banned entities included Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.

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