Key Takeaways:
- South Korea’s FSC removed 14 unregistered crypto exchange apps, including KuCoin and MEXC, from Apple’s App Store to enforce registration compliance.
- The FIU is intensifying efforts to block access to unregistered crypto platforms to prevent financial crimes and protect users.
- Over 30% of South Koreans use crypto, and more than 20% of public officials disclosed holdings, amid tightening regulatory scrutiny.
South Korea has intensified its crackdown on unregistered crypto platforms by removing 14 exchange apps, including KuCoin and MEXC, from Apple’s App Store, the Financial Services Commission (FSC) announced on April 11.
These platforms were flagged as unregistered virtual asset service providers (VASPs) operating from overseas.
JUST IN: SOUTH KOREA BLOCKS 14 CRYPTO EXCHANGES ON THE APPLE APP STORE
— The Wolf Of All Streets (@scottmelker) April 14, 2025
The Financial Intelligence Unit (FIU) plans to continue blocking both mobile apps and websites tied to unregistered crypto activity to curb financial crimes and protect users.
This move follows a similar action on March 26 by Google Play, which banned 17 unregistered exchanges.
The FSC had earlier identified 22 platforms violating local registration laws.
Under current regulations, any crypto firm involved in sales, brokerage, storage, or asset management in South Korea must register with the FIU.
Non-compliance may result in up to five years in prison or a ₩50 million fine (~$35,200).
These efforts come amid booming crypto adoption, with over 16 million users on local exchanges as of March 31.
Authorities are also scrutinizing public officials’ crypto holdings, which total nearly $10 million, as regulatory enforcement in the digital asset space continues to grow.
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