Japan asks Apple, Google to remove unregistered crypto exchange apps

Japan asks Apple, Google to remove unregistered crypto exchange apps

Japan’s Financial Services Agency (FSA) asked Apple and Google to suspend downloads of five unregistered cryptocurrency exchanges, reinforcing its stance on regulatory compliance in the country.

The FSA has sought to suspend the downloads of five cryptocurrency exchanges (CEXs), including Dubai-based Bybit Fintech, Singapore-based MEXC Global, LBank Exchange, Seychelles–based KuCoin and Singapore-based Bitget.

While the FSA’s request was made in the previous week, Apple removed the applications from its App Store on Feb. 6, preventing Japanese users from downloading them, Nikkei reported on Feb. 7.

Japan has taken a more cautious approach to cryptocurrency than other Asian markets.

While Hong Kong has already approved the first spot Bitcoin exchange-traded funds (ETFs), Japanese regulators remain wary of the volatility and risks associated with crypto ETFs.

However, the regulator’s move to block downloads to unregistered crypto exchanges is not necessarily a clampdown against retail cryptocurrency investing, according to industry experts.

If you want to “play in our market, you’ve got to play by our rules”

Anndy Lian, author and intergovernmental blockchain expert, told Cointelegraph:

“This isn’t about shutting down crypto investing. It’s about drawing a line in the sand and saying, “If you want to play in our market, you’ve got to play by our rules.” And honestly, I think that’s exactly the right move.”

“Japan has always been ahead of the curve when it comes to regulating digital assets, and this is just another example of them prioritizing consumer protection and market integrity,” Lian added.

The regulatory decision came nearly five months after the FSA released a new tax reform for 2025, which would treat crypto assets like traditional financial assets, Cointelegraph reported in September 2024.

Japan’s stringent regulatory landscape doesn’t signal a “war on crypto” but a push for investor safety and accountability, Lian said, adding:

“Japan’s regulatory framework isn’t some arbitrary hurdle; it’s a safeguard designed to protect investors from the kind of chaos we’ve seen in the past, like the Mt. Gox debacle. If these exchanges want to serve Japanese users, all they need to do is get compliant.”

Tokyo-headquartered  Mt. Gox was a prominent Bitcoin exchange that collapsed in 2014 following a hack, resulting in over $9.4 billion worth of losses by over 127,000 investors.

In a significant development for the industry’s mainstream acceptance, Mt. Gox completed 41.5% of its Bitcoin distribution to creditors, who received a total of 59,000 Bitcoin, on July 30, 2024.

 

Source: https://cointelegraph.com/news/japan-removes-unregistered-crypto-exchange-apps

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Mad Lads’ Backpack Exchange surpasses $300M trading volume in 24 hours

Mad Lads’ Backpack Exchange surpasses $300M trading volume in 24 hours

The Solana-based Backpack crypto exchange reached the $300 million mark in less than 24 hours after the beginning of its pre-season beta launch, according to a Feb. 15 X post by Backpack. The exchange was launched by the creators of Solana’s Mad Lads executable nonfungible token (NFT) collection.

The popularity of the exchange is partly due to the Backpack ecosystem’s record-breaking Mad Lads xNFT collection and the potential of its underlying Solana blockchain, according to Anndy Lian, intergovernmental blockchain expert and author of the book NFT: From Zero to Hero. He told Cointelegraph:

“Backpack Exchange leverages the Solana blockchain, one of the fastest and most scalable platforms for decentralized applications […] Solana is also seen as a potential contender for the future of decentralized finance, or DeFi, which is a fast-growing sector of the crypto industry.”

Backpack registered 6,000 unique deposit transactions within 24 hours of its pre-season launch, according to a Feb. 13 X post by Armani Ferrante, the founder and CEO of Backpack.

The newly-launched exchange boasts impressive trading metrics, including one-millisecond order placement and sub-one millisecond order cancelation, according to Ferrante.

Backpack’s SOL/USDC spot trading pair reached over $643 million in 24-hour trading volume, overtaking the world’s largest exchange, Binance’s trading pair, which generated $2.4 million in 24-hour trading volume.

Backpack Exchange received a virtual asset service provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) in October 2023. The exchange bagged many other operational licenses across several jurisdictions worldwide in the last half of 2023.

Mad Lads become third-largest NFTs by daily volume

Following Backpack’s success, the 24-hour trading volume of Mad Lads NFTs rose 77.93% to over $1 million, becoming the third-largest collection by daily trading volume across all blockchain networks.

Solana’s sales volume rose 20.19% to $7.35 million, becoming the second-largest blockchain by daily NFT sales volume after Ethereum, which generated $18.28 million in 24-hour NFT sales volume, according to NFT data aggregator CryptoSlam.

 

 

 

Source: https://cointelegraph.com/news/mad-lads-backpack-300-m-trading-volume

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Mad Lads’ Backpack Exchange Crosses $300 Million Trading Volume in 24 Hours

Mad Lads’ Backpack Exchange Crosses $300 Million Trading Volume in 24 Hours

According to Cointelegraph: Backpack, a crypto exchange based on the Solana blockchain, achieved a trading volume of $300 million within 24 hours of its pre-season beta launch. This significant milestone was declared in a Feb 15th post by the Backpack team following the successful launch of the exchange. Backpack was ushered in by the founders of Solana’s Mad Lads, a popular nonfungible token (NFT) collection.

The exchange’s popularity is attributed both to the success of the Mad Lads xNFT collection and to the potential of the Solana blockchain platform. Blockchain expert Anndy Lian credits the Solana blockchain for its remarkable speed and scalability, making it a potential future heavyweight in the world of decentralized finance (DeFi).

The founder and CEO of Backpack, Armani Ferrante, reported 6,000 unique deposit transactions within the first 24 hours of the exchange’s pre-season launch. Trading features include one-millisecond order placement and sub-one millisecond order cancellation. Backpack’s SOL/USDC spot trading pair achieved over $643 million in 24-hour trading volume, surpassing Binance’s trading pair, which stood at $2.4 million.

Backpack received a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) in October 2023. Additionally, the exchange secured numerous other operational licenses across multiple jurisdictions in the latter half of 2023.

Following the launch, the Mad Lads NFTs reported a rise in their 24-hour trading volume by 77.93% to over £1 million, making it the third-largest collection by daily volume across all blockchain networks.

 

Source: https://www.binance.com/hu/feed/post/4197002116281

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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