Cryptocurrency

Japan Asks Apple, Google To Remove 5 Unregistered Crypto Exchange Apps

Here are some of the latest developments from the world of crypto over the past few days

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Japan’s Financial Services Agency (FSA) has asked tech giants Apple and Google to suspend downloads of five unregistered cryptocurrency exchanges from their respective app stores, reinforcing its strict regulatory stance on crypto.

The affected exchanges include Dubai-based Bybit Fintech, Singapore-based MEXC Global and LBank Exchange, Seychelles-based KuCoin, and Singapore-based Bitget. While the FSA made its request last week, Apple responded on February 6, 2025 by removing the apps from its App Store, preventing Japanese users from downloading them, according to a February 7 report from Nikkei.

Japan has taken a more cautious approach to cryptocurrency regulation compared to other Asian markets. While Hong Kong has already approved Bitcoin and Ether exchange-traded funds (ETFs), Japanese regulators remain wary of the risks and volatility associated with such products.

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Despite this latest move, industry experts suggest that blocking access to unregistered exchanges is not necessarily a crackdown on retail crypto investing but rather a measure to ensure compliance with Japan’s financial regulations.

XRP, Solana Race For Next Crypto ETF Approval

XRP and Solana are both pushing to secure approval for their own spot ETFs, each vying to be the first to clear regulatory hurdles.

Both cryptocurrencies have seen significant ETF-related developments recently. On February 6, 2025, the US Securities and Exchange Commission (SEC) officially acknowledged a Solana-based ETF application. That same day, four fund managers also submitted applications for an XRP ETF.

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Market sentiment currently favours Solana, with traders on Polymarket giving it an 85 per cent chance of ETF approval in 2025, compared to 80 per cent for XRP. However, betting volumes remain relatively low, with around $65,761 staked on Solana and $34,748 on XRP (listed as “Ripple”).

In the shorter term, bets on an approval by July 31 have attracted more activity. Solana leads in total wagers, with $207,980 placed, though its odds stand at 36 per cent. XRP, despite drawing a lower total of $102,069, has slightly better odds at 40 per cent.

Coinbase To Face Lawsuit Over Unregistered Securities Sales, Judge Rules

A US federal judge has ruled against Coinbase’s argument that it does not qualify as a “statutory seller” under federal law, requiring the cryptocurrency exchange to face an investor lawsuit in New York.

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According to a February 7, 2025 Reuters report, US District Judge Paul Engelmayer determined that Coinbase must respond to allegations that it sold securities without registering as a broker-dealer. The plaintiffs claim that Coinbase sold 79 cryptocurrencies classified as securities without proper registration.

Initially dismissed in February 2023 by the District Court of Southern New York, the class-action lawsuit was later revived by the Circuit Court of Appeals over a year later. Judge Engelmayer noted that “customers on Coinbase transact solely with Coinbase itself,” indicating that the exchange functioned as a seller.

A Coinbase spokesperson said: “Coinbase does not list, offer, or sell securities on its exchange. Today’s opinion importantly narrowed the scope of discovery in this case, which is significant. We look forward to vindicating the remaining claims in the district court.”

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