South Korea has blocked 14 unregistered cryptocurrency exchanges from the Apple app retailer. The nation’s Monetary Companies Fee (FSC) introduced the ban, persevering with its aggressive stance towards non-compliant digital asset service suppliers (VASPs).
“Following the request of the FIU, Apple adopted Google and blocked home entry by means of Apple apps (14 apps) of abroad unreported digital asset operators reminiscent of KuCoin and MEXC beginning April 11,” the FSC said in its press release on 14 April 2025.
Earlier than Apple, Google was directed to dam 17 apps final month.
“Sooner or later, the FSC will proceed to dam home entry by means of cell purposes and Web websites of abroad unreported digital asset operators in an effort to stop cash laundering dangers and person harm in session with related organizations.”
My South Korean frens take notice.
Apple simply blocked 14 crypto apps, together with KuCoin and MEXC, for failing to register with the Monetary Intelligence Unit (FIU).
When you’re in Korea, make sure that your platform is compliant, pending the time these exchanges will likely be registered. pic.twitter.com/adJOaU5V6S
— Iko | Web3 (@IkoWEB3) April 15, 2025
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“Any platform that sells, shops, or brokers cryptocurrencies in South Korea should register with the FIU”
Based on the authorities, the 14 exchanges have been eliminated for failing to register as VASPs beneath South Korean legislation. This motion represents the newest section in South Korea’s ongoing efforts to manage its quickly rising cryptocurrency market.
“Any platform that sells, shops, or brokers cryptocurrencies in South Korea should register with the FIU,” defined a spokesperson from the regulatory physique. “Working with out correct registration not solely violates our monetary rules but additionally places shoppers at vital threat.”
The penalties for non-compliance are extreme. Companies working with out correct registration face potential imprisonment of as much as 5 years and fines of as much as 50 million gained (roughly $35,200). These strict measures underscore South Korea’s dedication to bringing cryptocurrency operations beneath regulatory oversight.
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Regulators Requested Google To Block Entry To 17 Crypto Exchanges
Affected exchanges embody Kucoin, MEXC, Phemex, Coinex, Poloneix and extra.
“The FIU has recognized abroad unreported companies ( 16 corporations in 2022, 6 corporations in 2023) and is offering steerage to reporting companies to chorus from doing enterprise with unreported companies (Article 10-20 of the Act),” introduced South Korea’s FIU.
The assertion reveals South Korean crypto customers are barred from downloading these apps, and present customers won’t obtain updates.
According to local media reports printed on 21 March 2025, the South Korean authorities are contemplating sanctions reminiscent of blocking entry to all crypto exchanges not registered as VASPs, in collaboration with the Korea Communication Requirements Fee (KCSC).
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Key Takeaways
South Korea has blocked 14 unregistered cryptocurrency exchanges from the Apple app retailer. Persevering with their aggressive stance towards non-compliant VASPs.
“Any platform that sells, shops, or brokers cryptocurrencies in South Korea should register with the FIU,” defined a spokesperson from the regulatory physique.
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