Japan's Financial Services Agency (FSA) has issued a warning to KuCoin and other platforms for conducting financial instrument business without registration. KuCoin is specifically accused of soliciting over-the-counter (OTC) derivatives trading to Japanese residents via the internet. This follows a previous warning in November 2024 and a request in February 2025 for Apple and Google to remove KuCoin's app. Japan is currently transitioning its regulatory framework from the Payment Services Act to the Financial Instruments and Exchange Act to enhance enforcement against unregistered platforms.