Apple Delists 14 Crypto Apps in South Korea Amid Regulatory Scrutiny

Apple has removed 14 cryptocurrency applications from its app store in South Korea following a request from the country's Financial Intelligence Unit (FIU), an agency focused on anti-money laundering efforts. The FIU cited concerns over "unreported business activities" conducted by foreign virtual asset operators as the reason for the delisting.

The list of delisted apps includes prominent cryptocurrency exchanges KuCoin and MEXC. This action by Apple comes on the heels of a similar move by Google Play, which delisted both exchanges and 15 other crypto operators last month at the FIU's request. The regulatory scrutiny in South Korea is intensifying as the adoption of cryptocurrencies continues to grow in the region.

According to data released by the South Korean government, as of late February, 16.29 million people have opened accounts on the country’s top five domestic crypto exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax. This significant number of users highlights the increasing popularity of digital assets in South Korea, which has a population of nearly 52 million.

In addition to the delisting of crypto apps, banks in South Korea have been actively seeking partnerships with crypto firms. This trend is driven by the country's evolving digital asset regulations, which are becoming less restrictive. In February, the Financial Services Commission of South Korea announced plans to launch a pilot program in the second half of 2025. This program will allow 3,500 corporate entities to buy crypto for investment and financial purposes, marking a significant shift from the ban on corporate crypto transactions that has been in place since 2017.