Google blocks access to 17 crypto exchanges in South Korea
Google Play restricts 17 crypto exchanges in South Korea.
Google Play has restricted access to 17 unregistered overseas cryptocurrency exchanges in South Korea, following a formal request from the country’s Financial Intelligence Unit (FIU).
The move, disclosed on March 26, is part of a broader regulatory effort by South Korean authorities to tighten oversight of virtual asset service providers (VASPs) operating without proper registration, reports Cointelegraph.
Regulatory Crackdown Targets Unregistered Exchanges
The FIU, a division of the Financial Services Commission (FSC), has warned that unregistered crypto platforms serving Korean users may face sanctions for failing to comply with the Specified Financial Information Act. The legislation requires all VASPs to formally report to regulators before operating in the country.
The 17 exchanges affected by Google Play’s restrictions include major platforms such as KuCoin, MEXC, Phemex, XT.com, CoinW, and Poloniex. Other restricted exchanges are Biture, ZoomEX, BTCC, DigiFinex, Pionex, Blofin, Apex Pro, CoinCatch, WEEX, BitMart, and CoinEX. As a result, new users in South Korea can no longer download these apps from the Google Play Store, and existing users are unable to receive updates.
The FSC stated that these access restrictions aim to prevent money laundering and protect Korean users from potential financial harm. The regulator added that it is also in talks with Apple Korea and the Korea Communications Standards Commission (KCSC) to extend similar restrictions to iOS devices and internet access.
Broader Crackdown on Crypto Activity
The regulatory pressure comes amid heightened scrutiny of crypto exchanges within South Korea. On March 20, prosecutors raided the offices of local exchange Bithumb over alleged financial misconduct involving a former CEO and board member. Authorities are investigating claims that company funds were misused for personal purchases.
Separately, controversy continues to grow around alleged token listing intermediaries. Reports claim that certain crypto projects paid intermediaries for listings on major exchanges like Bithumb and Upbit. In response, Upbit has demanded that those projects publicly identify themselves, as part of an effort to maintain transparency in listing practices.
As the South Korean government strengthens its enforcement of crypto regulations, global platforms will face increasing pressure to register and comply—or risk losing access to a key Asia-Pacific market known for its high crypto adoption.
Recently we wrote, that South Korea is taking decisive action to curb cryptocurrency-related financial crimes by overhauling its Anti-Money Laundering (AML) regulations.
