South Korean authorities have blocked access to several foreign cryptocurrency exchange apps on Google Play, including Poloniex, KuCoin, MEXC, Phemex, and Bitrue, citing their unregistered status in the country.
In a March 26 press release, the Financial Intelligence Unit (FIU) announced that Google has begun restricting access to 17 such apps due to their “unregistered operations targeting Korean users.” As a result, users in South Korea can no longer install these apps, and those who already have them will be unable to receive updates, the FIU stated.
Under South Korea’s crypto regulations, all exchanges, including foreign platforms, must register with regulators if they conduct business there. The FIU clarified that an exchange may be considered operating in Korea if it offers a Korean-language website, engages in marketing targeting local users, or supports transactions in Korean won.
Authorities argue that unregistered crypto exchanges pose significant risks, including personal data leaks, hacking threats, and potential misuse for money laundering. Additionally, the FIU warned that users’ funds and assets could be at risk since these platforms operate outside financial regulations and lack investor protection measures.
To address these concerns, the FIU stated that the ban aims to
“prevent user harm and curb money laundering through virtual assets.”
The agency also revealed ongoing discussions with Apple Korea and the Korea Communications Standards Commission to enforce similar restrictions on App Store apps and cryptocurrency exchange websites.
Regulatory crackdowns on crypto exchanges have not been limited to South Korea. In early February, Apple removed multiple crypto exchange apps from Japan’s App Store at the request of authorities, highlighting a broader effort by governments to tighten control over digital asset platforms.
Meanwhile, FIU has also taken action against domestic exchanges, imposing a partial suspension on Upbit’s operations. The restriction, which temporarily prevents new customers from making crypto deposits and withdrawals, was issued due to violations of local regulations, including transactions with unregistered crypto service providers.
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