South Korea Prohibits 14 Cryptocurrency Exchanges on Apple's Digital Marketplace due to Regulatory Pressure
🌟 Cracking Down on Crypto Unregistered Exchanges in South Korea 🇫🇮🇹🇼
South Korea's Financial Services Commission (FSC) has tightened the noose around unregistered crypto exchanges, blocking 14 exchange apps from the Apple Store on April 11. 🛑
👋 Getting the Boot: The Affected Platforms 👋
The targeted exchanges, such as KuCoin and MEXC, allegedly operated as virtual asset businesses without proper registration. The Financial Intelligence Unit (FIU) confirmed these platforms flouted local reporting requirements under South Korean law. 💥
At present, these 14 apps have been barred, following similar actions taken by Google in March. In total, the FSC has identified 22 rogue platforms, with 17 already off Google Play Store for non-compliance. 📱
✋ Heavy Consequences for Non-compliance ✋
The FSC has made it clear that operating without registration carries criminal penalties. Offenders face stiff fines of up to 50 million won ($35,200) and up to five years in prison. 🔒
Available data suggests that more than 16 million South Koreans use cryptocurrency exchanges, accounting for over 30% of the national population. 📈
💡 A Glimpse into the future: Regulatory Approach and Enforcement 💡
The financial authorities appear to be responding to the surge in crypto usage by imposing further sanctions. These may include blocking the online services of non-compliant operators to maintain market integrity. 🔒
Meanwhile, government officials' digital asset holdings are also under the microscope. As crypto gains mainstream attention, more enforcement measures are expected in the coming months. 🔍
References:[1] Coin Telegraph (Apr 2025) 🔗[2] Journal of Crypto Regulation (Mar 2025) 🔗[3] Finance Korea (Apr 2025) 🔗[4] Korea Herald (Apr 2025) 🔗[5] CoinDesk (Mar 2025) 🔗
📝 Key Insights:- 14 crypto exchange apps were blocked on the Apple Store by the FSC for operating without registration.- The affected exchanges, such as KuCoin and MEXC, allegedly violated local registration rules.- The FIU has targeted 22 platforms, with 17 already restricted on Google Play Store.- Users cannot download or update the blocked apps, and offenders face fines and imprisonment.- More enforcement measures and regulatory clarity are expected in the coming months, as the crypto market surges in South Korea.
- The Financial Services Commission (FSC) in South Korea is targeting unregistered crypto exchanges, such as KuCoin and MEXC, for allegedly operating as virtual asset businesses without proper registration.
- These 14 crypto exchange apps have been blocked from the Apple Store, following a similar action by Google in March, with 17 previously removed from the Google Play Store for non-compliance.
- The Financial Intelligence Unit (FIU) confirmed that these platforms have flouted local reporting requirements under South Korean law.
- Operating without registration is a criminal offense, carrying fines of up to 50 million won ($35,200) and up to five years in prison.
- The FSC emphasizes the importance of these requirements, as more than 16 million South Koreans use cryptocurrency exchanges, accounting for over 30% of the national population.
- In the coming months, more enforcement measures and regulatory clarity are expected in the South Korean crypto industry as the market surges, with the government expected to respond to the surge in crypto usage by imposing further sanctions.
