After Google, Apple Also Banned! South Korea Takes Second Tough Step for Cryptocurrency Exchanges!

South Korea’s financial regulator has announced that it has blocked Apple App Store applications belonging to 14 unregistered foreign cryptocurrency exchanges.

According to local news agency Newsis, the Financial Intelligence Unit (FIU) of South Korea’s Financial Services Commission (FSC) announced that 14 unregistered cryptocurrency exchanges’ applications have been blocked from the Apple App Store.

South Korea’s decision follows Google’s blocking of 17 cryptocurrency exchange apps, including KuCoin and MEXC, on March 25.

Among the 14 cryptocurrency exchanges, leading exchanges such as KuCoin and MEXC, as well as Phemex, Bitrue, CoinW, CoinEX, ZoomEX, Poloniex, BTCC, Blofin, CoinCatch, DOEX, WEEX and BitMart were seen.

The FIU continues to identify unregistered foreign exchanges, advise registered platforms not to interact with them, and notify law enforcement authorities.

The FIU also warned that exchanges operating domestically without a VASP license must report to the FIU under the Act on Reporting and Use of Certain Financial Transaction Information.

According to the relevant law, foreign crypto exchanges are required to report to the FIU and obtain a VASP license to conduct local business activities, such as providing a Korean website, marketing events to attract Korean customers, and supporting won-based payments.

*This is not investment advice.