South Korea Blocks 14 Unregistered Crypto Apps on Apple Platform

South Korea’s Financial Intelligence Unit (FIU) has intensified its regulatory measures by blocking 14 unregistered foreign crypto apps on Apple’s platform. This action follows a similar move on March 25, when the FIU requested Google Play to restrict access to 17 unregistered crypto platforms. The blocked apps on Apple’s platform include major names like KuCoin and MEXC, signaling a clear message to overseas exchanges lacking local approval.

The FIU’s actions are in line with the Act on Reporting and Using Specified Financial Transaction Information, which mandates that any virtual asset service provider (VASP) targeting South Korean users must register with the FIU. The requirements for registration include providing services in Korean, supporting Korean won-denominated transactions, or engaging in marketing campaigns aimed at South Korean residents. Noncompliant platforms face penalties, including fines of up to 50 million won and prison terms of up to five years.

The 14 apps removed from Apple’s platform—KuCoin, MEXC, Phemex, Bitrue, CoinW, CoinEX, ZoomEX, Poloniex, BTCC, Blofin, CoinCatch, DOEX, WEEX, and BitMart—were found to be offering services to South Korean users without the required FIU registration. Apple Korea took action on the FIU’s request starting April 11, cutting off access to new users in South Korea and blocking updates for existing ones. The FIU has indicated that it will continue working with internet service providers, mobile platforms, and regulatory partners to prevent access to unregistered crypto apps and websites.

This dual-platform crackdown aims to close any remaining loopholes that allow overseas operators to sidestep South Korea’s strict crypto licensing regime. As of March 2025, multiple investigations have been launched into foreign exchanges suspected of operating illegally within the country. KuCoin, CoinW, Bitunix, BitMEX, and KCEX remain under investigation for continuing to serve South Korean users without proper registration. To aid public awareness, the FIU has published an official list of registered VASPs on its website. South Korean users are advised to verify platform registration status and withdraw any funds from unregistered platforms to reduce risk.

South Korea’s regulatory push is part of a broader trend in the region. Japan has been taking similar steps to curb unlicensed crypto activity within its borders. In February 2025, Apple reportedly removed access to apps for exchanges including Bybit, Bitget, KuCoin, MEXC, and Bitcastle for users in Japan. This followed a November 2024 warning from Japan’s Financial Services Agency, which accused several platforms of offering Japanese-language services and support without local authorization. By early February, Japanese users were no longer able to download the apps from the App Store, often encountering messages such as “Cannot connect to the iTunes Store.”

To operate in these regulated markets, exchanges must seek licenses, improve compliance, and work more closely with regulators. The crackdown on unregistered crypto apps in South Korea and Japan underscores the increasing scrutiny and enforcement of crypto regulations in the region. This trend is likely to continue as governments seek to protect their citizens from the risks associated with unregulated crypto activities.