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

South Korea has intensified its efforts to regulate unregistered cryptocurrency platforms, this time targeting Apple's App Store. The Financial Services Commission (FSC) has requested the removal of 14 crypto exchange apps, including KuCoin and MEXC, from Apple's platform. This move follows a similar request made to Google just weeks prior, where 17 crypto-related apps were targeted. The FSC's actions are part of a broader strategy to shut down unregistered crypto activities by restricting access through app stores.

The FSC has stated that these platforms are operating illegally in South Korea as they have not registered as virtual asset operators under the country's laws. As a result, Apple has begun blocking domestic access to these apps, preventing Korean users from installing them and potentially limiting existing users' access to updates and critical features. This crackdown is aimed at protecting users and tightening security in the digital asset space, as unregistered platforms pose significant risks for money laundering, fraud, and hacks.

South Korea has historically taken a strict stance on crypto regulation, requiring exchanges to register, report their activities, and comply with anti-money laundering policies. However, many crypto users have continued to use overseas exchanges for benefits such as higher liquidity and wider token access. The FSC's warning indicates that future actions will continue to block domestic access to unregistered virtual asset operators through apps and internet sites.

For crypto traders in South Korea, this development could significantly impact their trading activities. New downloads of affected apps may already be restricted, and app functionality could deteriorate if updates are disabled. Traders who rely on mobile access for quick transactions may face serious disruptions. The FSC advises users to verify whether their platform is officially registered, as only 28 crypto operators have been approved in the country.

This crackdown is not just a local issue; it sets a precedent for how other countries might deal with offshore, unregulated crypto apps. As the era of free-for-all crypto trading gives way to institutional scrutiny and enforcement, the crypto landscape in South Korea has become more complex. Whether this shift leads to safer trading or stifles access remains to be seen, but one thing is clear: the regulatory crackdown is far from over.