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.

6 months ago

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.