{"id":32028,"date":"2025-04-15T09:47:36","date_gmt":"2025-04-15T09:47:36","guid":{"rendered":"https:\/\/coincentral.com\/?p=32028"},"modified":"2025-04-15T09:47:36","modified_gmt":"2025-04-15T09:47:36","slug":"south-korea-expands-crackdown-on-unregistered-crypto-exchanges","status":"publish","type":"post","link":"https:\/\/coincentral.com\/south-korea-expands-crackdown-on-unregistered-crypto-exchanges\/","title":{"rendered":"South Korea Expands Crackdown on Unregistered Crypto Exchanges"},"content":{"rendered":"<h2>TLDR<\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">South Korea\u2019s FSC removed 14 unregistered crypto apps, including KuCoin and MEXC, from Apple\u2019s App Store on April 11.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The FIU is enforcing laws requiring foreign crypto platforms to register before serving South Korean users.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Offending platforms face up to five years in prison or \u20a950 million fines for non-compliance.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Google also delisted 17 unregistered crypto apps from its Play Store in March, including KuCoin.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">South Korea plans further enforcement to block non-compliant platforms and strengthen digital asset regulation.<\/span><\/li>\n<\/ul>\n<hr \/>\n<p><span style=\"font-weight: 400;\">South Korea\u2019s Financial Services Commission (FSC) has <\/span><a href=\"https:\/\/www.fsc.go.kr\/no010101\/84367\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">blocked<\/span><\/a><span style=\"font-weight: 400;\"> 14 unregistered crypto platforms from Apple\u2019s App Store. The action began on April 11 at the request of the Financial Intelligence Unit (FIU). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the FSC, the targeted platforms, including KuCoin and MEXC, were operating without proper registration. The apps are no longer available for new downloads, and existing users can no longer receive updates.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The FIU\u2019s decision is part of South Korea\u2019s growing regulatory enforcement against virtual asset service providers (VASPs) that operate without registration. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Under current laws, foreign platforms must register with the FIU before offering services to South Korean users. Failure to comply is a criminal offense, carrying penalties of up to five years in prison or a fine of 50 million Korean won ($35,200).<\/span><\/p>\n<h2><b>Google Play Store Took Similar Measures in March<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Before the Apple Store ban, Google took similar actions. On March 25, Google <\/span><a href=\"https:\/\/www.hankyung.com\/article\/202503219761g\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">removed<\/span><\/a><span style=\"font-weight: 400;\"> 17 unregistered crypto applications from its Play Store.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> That enforcement also included KuCoin and MEXC, among other platforms flagged for operating without proper authorization. The FSC has identified 22 foreign exchanges operating without registration, with most already restricted on mobile platforms.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The FIU has committed to expanding the list of blocked entities and is coordinating with app stores to limit access to services that do not meet the country\u2019s compliance standards. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The regulator also plans to continue monitoring these operators&#8217; websites and other digital access points.<\/span><\/p>\n<h2><b>Penalties for Operating Without Registration<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The FIU emphasized that conducting crypto-related business without registration is criminal under South Korean law. This includes platforms involved in trading, brokerage, management, and custody of digital assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> The requirement aligns with anti-money laundering (AML) and know-your-customer (KYC) policies, ensuring that platforms maintain transparency and security.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Operators failing to register risk serious legal consequences. In addition to being removed from app distribution platforms, they may also be subjected to financial penalties and possible criminal prosecution. The FSC stated that such actions are meant to prevent illegal activities, safeguard user funds, and protect the financial market.<\/span><\/p>\n<h2><b>South Korea Increases Regulatory Pressure on the Crypto Sector<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Removing unregistered platforms from major app stores is part of a broader initiative by South Korean regulators to secure the digital asset ecosystem. The FIU is actively advising registered exchanges to avoid interaction with non-compliant platforms. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Law enforcement authorities have been notified, and further investigations into the operations of these entities are expected.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, <\/span><a href=\"https:\/\/coincentral.com\/south-korea-considers-bitcoin-reserve-and-won-backed-stablecoin-following-us-crypto-push\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">South Korea<\/span><\/a><span style=\"font-weight: 400;\"> is trying to support institutional access to digital assets. Local banks and licensed crypto exchanges prepare to serve corporate clients, anticipating policy changes that may allow broader investment opportunities. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, unregistered operators remain under scrutiny and will continue to face enforcement actions if they attempt to bypass local regulations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">South Korea\u2019s decision to block access to unregistered <\/span><a href=\"https:\/\/coincentral.com\/top-crypto-exchanges-available-in-europe-in-2022\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">crypto exchanges<\/span><\/a><span style=\"font-weight: 400;\"> via Apple and Google platforms underscores its strict approach to digital asset regulation. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The country aims to protect users and maintain regulatory standards by coordinating with global tech companies. The ongoing crackdown signals that foreign crypto operators must prioritize compliance to support access to South Korean markets.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TLDR South Korea\u2019s FSC removed 14 unregistered crypto apps, including KuCoin and MEXC, from Apple\u2019s App Store on April 11. The FIU is enforcing laws requiring foreign crypto platforms to register before serving South Korean users. Offending platforms face up to five years in prison or \u20a950 million fines for non-compliance. Google also delisted 17<\/p>\n","protected":false},"author":9006,"featured_media":27515,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"iawp_total_views":23,"footnotes":""},"categories":[28149],"tags":[18347,28176,7724,19841],"class_list":{"0":"post-32028","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-regulation","8":"tag-apple","9":"tag-crypto-exchange","10":"tag-google","11":"tag-south-korea"},"wppr_data":{"cwp_meta_box_check":"No"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea Crackdown on Unregistered Crypto Exchanges<\/title>\n<meta name=\"description\" content=\"South Korea blocks 14 unregistered crypto apps on Apple Store, intensifying its crackdown on non-compliant platforms\" \/>\n<meta name=\"robots\" content=\"index, follow, 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