Following the delisting of the Bybit app from the Apple Store in Japan, the top crypto trading platform has assured its Japanese users of continuous service availability.
The exchange in a statement on 6 February assured users in Japan that the platform’s service is not impacted, and all user accounts and funds remain completely secure.
This includes deposits, withdrawals, and trading which remain fully operational and are not affected in any way.
Apple bows to regulatory pressure
Apple’s delisting of crypto apps comes as a result of pressure from Japan’s financial regulator, the Financial Services Agency (FSA).
The agency warned that the affected crypto exchanges were operating without necessary registration. Apart from Bybit, KuCoin, Bitget, MEXC, and LBANK are among those affected.
It isn’t clear how Apple selected the apps to delist though, as other unregistered apps such as Crypto.com and CoinEX remain available on the store.
Japan’s crypto crackdown is a part of a global measure to regulate cryptocurrencies. Before now, the United States was the harshest country against cryptocurrencies, but that is starting to change with the new Trump presidency.
Despite the strict regulatory oversight, Japan is also a great destination for some crypto startups.
Binance for example has flourished in the country since it created Binance Japan, which caters to Japanese users in line with their local regulatory demands.
The top crypto exchange also launched stablecoins in Japan in partnership with Mitsubishi UFJ Trust and Banking Corporation (MUTB).
Working with regulators
Apart from assuring Japanese speaking users of uninterrupted services, Bybit also assured them that it is working with regulators to ensure it meets all demands so that the app is restored.
This is not the first time Bybit is facing regulatory pressure, but hopefully the exchange will resolve the issues this time.
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