South Korean Regulator Cracks Down: Apple Removes 14 Cryptocurrency Apps from App Store

Korean Regulator Requests Apple and Google to Block Cryptocurrency Apps

• The South Korean Financial Services Commission (FSC) has requested Apple and Google to block access to cryptocurrency exchange apps due to non-compliance with local regulations.
• Apple's Action: 14 cryptocurrency apps, including those operated by KuCoin and MEXC, were blocked from being installed or updated after April 11.
• Google's Action: The FSC previously requested Google to block 17 crypto apps, effective from March 25.
• Reason for Blockage: The exchanges were deemed to be operating illegally as they had not registered with the FSC, which is a legal requirement in South Korea.
• Regulatory Context: Overseas virtual asset operators must report to the Financial Information Analysis Service (FIU) before conducting domestic business activities. Failure to comply can result in imprisonment for up to five years.
• Compliance by App Stores: Both Apple and Google complied with the FSC's request, though it was framed as a 'request' rather than an order.