South Korea Blocks 14 Crypto Apps From Apple's App Store

South Korea has intensified its regulatory measures against unregistered cryptocurrency exchanges by blocking 14 foreign exchange applications from Apple's App Store. This action, announced on April 14, targets exchanges that were allegedly operating without the necessary registration as overseas virtual asset operators. The affected exchanges include KuCoin, MEXC, Phemex, Bitrue, CoinW, CoinEX, ZoomEX, Poloniex, BTCC, Blofin, CoinCatch, DOEX, WEEX, and BitMart.

The Financial Intelligence Unit (FIU) of South Korea's Financial Services Commission (FSC) has been actively identifying unregistered foreign exchanges and advising registered platforms to avoid interactions with them. The FIU has also notified law enforcement authorities about these unregistered exchanges. This action is part of a broader effort to enforce compliance with the Act on Reporting and Use of Certain Financial Transaction Information, which requires foreign crypto exchanges to report to the FIU and obtain a Virtual Asset Service Provider (VASP) license to conduct local business activities. These activities include providing a Korean website, hosting marketing events to attract Korean customers, and supporting won-based payments.

This latest move by South Korean regulators follows a similar action taken against 17 cryptocurrency exchange apps on Google's Play Store in late March. The FIU's actions underscore the country's commitment to regulating the cryptocurrency market to prevent financial crimes and protect investors. The FIU continues to monitor the market closely and take necessary actions to ensure compliance with the relevant laws and regulations.

The blocking of these apps is a clear indication of the regulatory scrutiny that the cryptocurrency industry is facing in South Korea. The FIU's actions are aimed at ensuring that all cryptocurrency exchanges operating in the country comply with the necessary regulations and obtain the required licenses. This move is likely to have a significant impact on the cryptocurrency market in South Korea, as it will force unregistered exchanges to either comply with the regulations or face further restrictions. The FIU's actions are also likely to send a strong message to other countries about the importance of regulating the cryptocurrency market to prevent financial crimes and protect investors.