South Korea has blocked 14 unregistered cryptocurrency exchanges from the Apple app store. The country’s Financial Services Commission (FSC) announced the ban, continuing its aggressive stance against non-compliant virtual asset service providers (VASPs).
“Following the request of the FIU, Apple followed Google and blocked domestic access through Apple apps (14 apps) of overseas unreported virtual asset operators such as KuCoin and MEXC starting April 11,” the FSC said in its press release on 14 April 2025.
Before Apple, Google was directed to block 17 apps last month.
“In the future, the FSC will continue to block domestic access through mobile applications and Internet sites of overseas unreported virtual asset operators in order to prevent money laundering risks and user damage in consultation with relevant organizations.”
My South Korean frens take note.
Apple just blocked 14 crypto apps, including KuCoin and MEXC, for failing to register with the Financial Intelligence Unit (FIU).
If you're in Korea, make sure your platform is compliant, pending the time these exchanges will be registered. pic.twitter.com/adJOaU5V6S
— Iko | Web3 (@IkoWEB3) April 15, 2025
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“Any platform that sells, stores, or brokers cryptocurrencies in South Korea must register with the FIU”
According to the authorities, the 14 exchanges were removed for failing to register as VASPs under South Korean law. This action represents the latest phase in South Korea’s ongoing efforts to regulate its rapidly growing cryptocurrency market.
“Any platform that sells, stores, or brokers cryptocurrencies in South Korea must register with the FIU,” explained a spokesperson from the regulatory body. “Operating without proper registration not only violates our financial regulations but also puts consumers at significant risk.”
The penalties for non-compliance are severe. Businesses operating without proper registration face potential imprisonment of up to five years and fines of up to 50 million won (approximately $35,200). These strict measures underscore South Korea’s commitment to bringing cryptocurrency operations under regulatory oversight.
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Regulators Requested Google To Block Access To 17 Crypto Exchanges
Affected exchanges include Kucoin, MEXC, Phemex, Coinex, Poloneix and more.
“The FIU has identified overseas unreported businesses ( 16 companies in 2022, 6 companies in 2023) and is providing guidance to reporting businesses to refrain from doing business with unreported businesses (Article 10-20 of the Act),” announced South Korea’s FIU.
The statement reveals South Korean crypto users are barred from downloading these apps, and existing users will not receive updates.
According to local media reports published on 21 March 2025, the South Korean authorities are considering sanctions such as blocking access to all crypto exchanges not registered as VASPs, in collaboration with the Korea Communication Standards Commission (KCSC).
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