South Korea restricted 14 crypto exchange applications from the Apple and Google stores.
Google Play has blocked access to 17 crypto exchanges due to the lack of registration from regulators. Crypto regulatory bodies are becoming more alert across the world. They are not only focused on creating a regulatory framework, but also on restricting unregistered applications to protect their citizens. South Korea banned several crypto exchanges from Apple and Google Stores that don’t have a license to operate in the country.
The South Korean FSC recently announced that it blocked 14 crypto exchange applications from the App Store on April 11. But the announcement came out yesterday, and started circling across the mainstream media. KuCoin and MEXC are two of the most prominent crypto exchanges that were present in the list of banned crypto exchange applications.
Google Play Store Blocked Unregistered Exchanges in South Korea
Apple Store followed Google Play Store in restricting unlicensed crypto exchange platforms. There are a total of 22 unregistered crypto exchange platforms as per the FSC report. So far, only 17 crypto exchanges have been blocked on the Google Store.
The South Korean Financial Intelligence Unit (FIU) is also considering sanctions against these unregistered crypto platforms. Local publication Hankyung confirmed these plans of the FIU in its report published in March. South Korea recently raided Bithumb headquarters for fund misuse allegations and tightened rules for unregistered crypto exchanges.
The latest statement also clarified the rules and regulations for foreign virtual asset business operators to serve local citizens. They must comply with the Act on Reporting and Use of Specific Financial Transaction Information for offering services in the country.
The number of foreign exchanges operating in South Korea is more compared to other countries to serve the growing demand for crypto traders in the country. However, the domestic FIU seems to be cautious from now on and will ensure that all the virtual asset service providers report their business activities to it.