South Korea Blocks Foreign Crypto Exchanges on Google Play Amid Regulatory Crackdown
The post South Korea Blocks Foreign Crypto Exchanges on Google Play Amid Regulatory Crackdown appeared on BitcoinEthereumNews.com.
Key Takeaways: South Korea seems to be protecting its users by limiting access to crypto exchanges not registered with its government. Apps from exchanges like KuCoin, MEXC, and Poloniex are also being blocked from Google Play. The move is in line with South Korea’s tough stance on crypto regulation. South Korean authorities are further tightening their grip on the digital asset industry, prompting Google to block dozens of foreign crypto exchange apps on the Google Play Store. The campaign targets platforms that have not been properly registered in Korea, including popular exchanges KuCoin, MEXC, Phemex, and Poloniex. What’s Behind the Ban? The FIU, the country’s financial watchdog, announced on March 26, 2025, that Google had begun restricting access to 17 such apps due to their “unregistered” operations targeting Korean users. As a result, South Korean users cannot install these apps anymore, and those that are already installed will not be updated. The FIU’s move comes in keeping with South Korea’s tough rules on crypto, which mandates that all exchanges — including foreign ones — must register with local authorities if they are operating in the country. An exchange is deemed to be active in Korea if it provides a Korean-language site, does marketing targeting Korean users or facilitates trades in the Korean won, the FIU said. Authorities have claimed that unregistered crypto exchanges pose significant risks to users, including potential personal data breaches, hacking incidents, and even use for money laundering. The FIU states that users’ funds and assets are put at risk because these platforms are outside of financial regulations and do not offer investor protection mechanisms. The agency said in a statement that the ban would “help prevent user damage and curb money laundering through virtual assets.” The FIU is also in discussions with Apple Korea and the…
Filed under: News - @ March 27, 2025 8:24 pm