Apple Store Blocks 14 Unregistered Crypto Exchanges in South Korea: FSC
In an effort to enhance the regulation of illicit cryptocurrency operations and safeguard users, South Korea has requested the Apple store to restrict access to 14 cryptocurrency exchanges that are functioning without proper registration with the Financial Intelligence Unit (FIU).
On April 11, the Financial Services Commission (FSC) of South Korea revealed that 14 cryptocurrency exchanges were barred from the local Apple store. Prominent exchanges such as KuCoin and MEXC are under scrutiny, and South Korean authorities have already blocked local access to them.
The FIU, an entity committed to tackling money laundering and financing of terrorism, mandates that foreign cryptocurrency service providers obtain registration with it prior to engaging in business within South Korea.
Noncompliance constitutes a criminal offense punishable by imprisonment for up to five years or a fine of 50 million Korean won ($35,120).
Moving forward, users cannot download or update these prohibited applications on iOS devices, further restricting their access to international platforms.
FIU Blocks Unregistered Crypto Platforms
The FIU also highlighted that in the future, it will persist in blocking access to the websites and mobile applications of foreign crypto platforms that lack registration, aiming to mitigate the risks of money laundering and safeguard users, while collaborating with other pertinent organizations.
On March 26, Google restricted numerous unregistered cryptocurrency applications, including KuCoin and MEXC. Subsequently, the FSC released a list of 22 platforms lacking registration, and Google has already barred 17 of these from its app store. This initiative is part of South Korea’s extensive efforts to oversee and manage the cryptocurrency industry, aiming to guarantee transparency and avert illicit activities.
Last month, the regulatory body urged Google to eliminate 17 crypto applications, and reports indicate plans to also restrict certain exchange websites to safeguard users and ensure adherence to legal standards. The measures targeted prominent international exchanges such as KuCoin, CoinW, Bitunix, and KCEX. These platforms were allegedly operating Korean-language websites and actively promoting to Korean consumers without fulfilling the required registration protocols.
Amid all these, the embrace of cryptocurrency in South Korea has been on the rise. By the conclusion of March, the tally of users on local exchanges exceeded 16 million, representing almost 32% of the country’s populace.
