- Google Play has restricted access to 17 unregistered cryptocurrency exchanges operating in South Korea at the request of the country’s financial regulators.
- The affected exchanges, including KuCoin and MEXC, will be unavailable for new downloads and updates, limiting user access in South Korea.
- South Korean regulators are also working with Apple and the KCSC to further block access to these platforms as part of anti-money laundering efforts.
South Korean financial regulators have successfully pressured Google to restrict access to 17 unregistered overseas cryptocurrency exchanges in the country’s app marketplace. The Financial Services Commission (FSC) announced the restrictions as part of broader efforts to enforce compliance with South Korea’s virtual asset service provider reporting requirements.
On March 26, the FSC published a comprehensive list of 22 non-compliant cryptocurrency platforms, highlighting 17 that have been successfully blocked from the Google Play store. The restrictions prevent South Korean users from downloading these applications or receiving updates for already installed versions.
The affected exchanges include major global platforms such as KuCoin, MEXC, Phemex, XT.com, Poloniex, and BitMart, among others. These restrictions follow the Financial Intelligence Unit’s (FIU) March 21 announcement that it was considering sanctions against operators failing to report to authorities as required under the country’s Specified Financial Information Act.
The FSC stated that these measures aim to prevent money laundering through cryptocurrency assets and protect South Korean users from potential harm. The regulatory crackdown extends beyond Google Play, with the FIU actively coordinating with Apple Korea and the Korea Communications Standards Commission (KCSC) to implement similar blocks on the iOS App Store and restrict website access.
When approached for comment before the restrictions, KuCoin told Cointelegraph that it was monitoring regulatory developments worldwide, including in South Korea. The exchange emphasized that compliance was crucial for sustainable growth in the cryptocurrency sector, though it provided no specific details about its plans for addressing South Korean regulatory requirements.
This enforcement action comes amid heightened scrutiny of cryptocurrency exchanges operating in South Korea. On March 20, Seoul prosecutors raided Bithumb‘s offices during an investigation into alleged financial misconduct by former executives. Prosecutors suspect a board member of misappropriating company funds for personal real estate purchases.
Additionally, both Bithumb and Upbit faced allegations in a Wu Blockchain report claiming intermediaries were paid to secure token listings. In response, Upbit demanded that projects making such claims identify themselves, signaling further tension in South Korea’s cryptocurrency marketplace.
The restrictions on unregistered exchanges mark a significant development in South Korea’s regulatory approach to cryptocurrency, as authorities increasingly focus on enforcing compliance with national financial laws.
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