icon
icon
icon
icon
🏷️$300 Off
🏷️$300 Off

News /

Articles /

South Korea Blocks 14 Crypto Exchanges on Apple Store for Non-Compliance

Coin WorldMonday, Apr 14, 2025 5:03 pm ET
1min read

South Korea has expanded its regulatory measures against unregistered cryptocurrency exchanges by blocking 14 crypto exchange applications from the Apple Store. This action, announced by the country’s Financial Services Commission (FSC) on April 11, targets exchanges that are allegedly operating without proper registration. Among the affected exchanges are KuCoin and MEXC, which were also targeted in a previous ban by Google Play on March 26. The FSC has published a list of 22 unregistered platforms, with 17 already blocked on Google's marketplace.

The FSC's report, made public on April 14, highlights that the banned exchanges were operating as unregistered overseas virtual asset operators. The Financial Information Analysis Institution (FIU) will continue to promote the blocking of apps and internet sites of such operators to prevent money laundering and user damage. Users will not be able to download the banned apps on the Apple Store, and existing users will be unable to update them. The FSC emphasizes that “unreported business activities are criminal punishment matters” with penalties of up to five years in prison and a fine of up to 50 million won.

This move by the FIU and FSC comes as part of a broader effort to enforce stricter regulations on cryptocurrency exchanges operating within the country. The FIU has been considering sanctions against crypto exchanges operating without registration with local regulators since March 21. Operators of crypto sales, brokerage, management, and storage must report to the FIU, and failure to comply with registration and reporting requirements is subject to penalties and sanctions.

The latest sanctions are part of South Korea's efforts to regulate its cryptocurrency market as it reaches a “saturation point.” As of March 31, crypto exchange users in the country passed 16 million, equivalent to over 30% of the population. Industry officials predict that the number could surpass 20 million by the end of 2025. Additionally, over 20% of South Korean public officials hold cryptocurrencies, with the total amount reaching significant figures on March 27. The assets varied and included Bitcoin, Ether, XRP, and Dogecoin.

By blocking unregistered exchanges, South Korea is sending a clear message that it will not tolerate non-compliance with its regulatory framework. This move could lead to other countries following suit and implementing similar regulations to ensure the integrity and security of their cryptocurrency markets. Additionally, this action could encourage more exchanges to register and comply with local regulations, thereby fostering a more transparent and secure cryptocurrency ecosystem. The FIU's actions underscore South Korea's commitment to regulating the cryptocurrency market and ensuring that all exchanges comply with local laws and regulations.

Comments

Add a public comment...
Post
User avatar and name identifying the post author
Dependent-Teacher595
04/14
Got $BTC, $ETH, $XRP in my wallet, but sticking to registered exchanges. Safety first, y'all.
0
Reply
User avatar and name identifying the post author
joethemaker22
04/14
Public officials holding crypto too? SK taking this seriously, might set a precedent.
0
Reply
User avatar and name identifying the post author
aj_cohen
04/15
@joethemaker22 Pretty wild that public officials are into crypto too, right?
0
Reply
User avatar and name identifying the post author
Dry_Way_735
04/15
@joethemaker22 Yeah, SK going hard on crypto.
0
Reply
User avatar and name identifying the post author
shrinkshooter
04/14
16 million crypto users in SK, and counting. Regulators gotta stay on their toes.
0
Reply
User avatar and name identifying the post author
Solarprobro4
04/14
Regulatory crackdowns like this can actually be bullish for legit exchanges, right? Only the strong survive.
0
Reply
User avatar and name identifying the post author
plebbit0rz
04/14
@Solarprobro4 True, legit exchanges gain traction when weak ones fall.
0
Reply
User avatar and name identifying the post author
josh252
04/14
Holding $BTC and $ETH, staying cautious. Diversification is my play, anyone else?
0
Reply
User avatar and name identifying the post author
ArgyleTheChauffeur
04/14
South Korea going hard on unregistered exchanges. Wonder if this sets a precedent for other countries. 🤔
0
Reply
User avatar and name identifying the post author
UpbeatBase7935
04/14
South Korea's crypto crackdown: a digital detox for a healthier market
0
Reply
User avatar and name identifying the post author
NavyGuyvet
04/15
@UpbeatBase7935 Makes sense
0
Reply
User avatar and name identifying the post author
foureyedgrrl
04/14
SK's regulatory framework tightening. Exchanges need to adapt or risk getting left behind.
0
Reply
User avatar and name identifying the post author
Repa24
04/14
KuCoin and MEXC getting hit again. Twice the trouble, twice the risk. Watch out, traders.
0
Reply
User avatar and name identifying the post author
Brilliant_User_7673
04/14
14 exchanges down, more to go?
0
Reply
User avatar and name identifying the post author
Artistic_Studio2784
04/14
Registered exchanges = safer market. Exchanges, don't sleep on compliance or you're out of the game.
0
Reply
User avatar and name identifying the post author
krogerCoffee
04/14
5 years in prison and a hefty fine for non-compliance? Ouch, SK means business.
0
Reply
User avatar and name identifying the post author
Wanderer_369
04/14
Apple blocks bad actors, good move.
0
Reply
User avatar and name identifying the post author
Silgro94
04/14
South Korea going hard on unregistered exchanges. Compliance is key, or you're out. 🚫💸
0
Reply
User avatar and name identifying the post author
jstanfill93
04/14
@Silgro94 SKorea going too hard? Might drive biz underground.
0
Reply
User avatar and name identifying the post author
abdul10000
04/14
@Silgro94 Totally agree. SKorea cracking down pays. Less scams, more trust.
0
Reply
User avatar and name identifying the post author
goodpointbadpoint
04/14
SK's move could spark a global wave. Other countries might follow suit soon.
0
Reply
Disclaimer: The news articles available on this platform are generated in whole or in part by artificial intelligence and may not have been reviewed or fact checked by human editors. While we make reasonable efforts to ensure the quality and accuracy of the content, we make no representations or warranties, express or implied, as to the truthfulness, reliability, completeness, or timeliness of any information provided. It is your sole responsibility to independently verify any facts, statements, or claims prior to acting upon them. Ainvest Fintech Inc expressly disclaims all liability for any loss, damage, or harm arising from the use of or reliance on AI-generated content, including but not limited to direct, indirect, incidental, or consequential damages.
You Can Understand News Better with AI.
Whats the News impact on stock market?
Its impact is
fork
logo
AInvest
Aime Coplilot
Invest Smarter With AI Power.
Open App