South Korea FSC blocks 14 crypto exchanges on Apple Store

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South Korea blocks 14 crypto exchange apps

Key Takeaways

- South Korea’s FSC banned 14 unregistered crypto exchange apps on the Apple Store, targeting platforms like KuCoin and MEXC.

- This action follows a similar move by Google Play, which blocked 17 unregistered crypto exchange apps.

- The FSC report identifies 22 unregistered platforms, with non-compliance punishable by up to 5 years in prison and fines of 50 million won (~$35,200).

- The crackdown occurs amid rapid growth in South Korea’s crypto market, with over 16 million users—expected to exceed 20 million by 2025—and is backed by efforts from the FIU to curb money laundering.

Announced on April 11, the move targets platforms alleged to be operating as unregistered overseas virtual asset service providers, including prominent names like KuCoin and MEXC. This action follows an earlier directive by Google Play, which on March 26 blocked 17 such exchanges. According to the FSC’s report released on April 14, a total of 22 unregistered platforms are currently identified in the market, with 17 already barred on Google Play. The FSC warned that failure to report business activities in compliance with local regulations is considered a criminal offense, carrying penalties of up to five years in prison and fines reaching 50 million won (approximately $35,200).

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Implications for market growth

The intensified regulatory measures come at a time when South Korea’s crypto market is reaching a “saturation point.” As of March 31, the number of crypto exchange users exceeded 16 million, representing over 30% of the nation’s population, with estimates suggesting that user numbers could surpass 20 million by the end of 2025. In parallel, the Financial Information Analysis Institution (FIU) is expected to further promote the blocking of apps and websites associated with unregistered virtual asset service providers to prevent money laundering and protect consumers.

The 17 crypto exchanges blocked on Google Play. Source: FSC

This comprehensive approach by the FSC and FIU illustrates a firm commitment by South Korean regulators to enforce strict compliance across the crypto sector, ensuring that digital asset activities align with established financial regulations.

As the regulatory landscape tightens, industry stakeholders and crypto exchanges operating within South Korea face growing pressure to adhere to local registration and reporting requirements. The sweeping measures signal a robust enforcement stance that could influence global crypto regulatory practices in the near future.

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