South Korean Regulator Cracks Down: Apple Removes 14 Cryptocurrency Apps from App Store
South Korean financial regulator bans 14 cryptocurrency apps, including KuCoin and MEXC, for operating illegally without registration.
By Blip Tech
1 min read
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.
