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crypto.news 2025-04-15 06:33:28

Apple blocks KuCoin, MEXC, and 14 other crypto exchanges in South Korea

Apple blocks KuCoin, MEXC, and 14 other crypto exchanges in South Korea

KuCoin, along with MEXC and 12 other crypto exchanges, have been removed from Apple’s App Store in South Korea for operating without registration. According to an April 14 report from South Korea’s Financial Services Commission, Apple began blocking access to the apps on April 11 following a request from the country’s Financial Intelligence Unit. Due to the restrictions, new users will no longer be able to download the apps, while existing users won’t receive future updates. The blocked exchanges allegedly failed to register with local authorities but were still offering services to Korean users. According to the Financial Intelligence Unit, these platforms were effectively conducting business in South Korea by offering Korean-language websites, running local marketing campaigns, and enabling transactions in Korean won, activities that fall under domestic operational criteria. Under South Korea’s anti-money laundering regulations , any foreign crypto operator engaging in such practices is required to register with the FIU. Failure to do so is considered a criminal offense, punishable by up to five years in prison or a fine of up to 50 million won (roughly $35,200). Last month, the FIU stated it was actively working to block unregistered virtual asset service providers and restrict their access to Korean users. This includes targeting not just mobile apps but also related websites. You might also like: Apple stock gains as tech stocks, Bitcoin bounce on tariff reprieve Authorities say these restrictions are aimed at safeguarding users and reducing exposure to threats such as hacking, data breaches, and the potential misuse of assets. Without regulatory oversight, unregistered exchanges pose serious risks, particularly in terms of consumer protection and financial security. The FIU also pointed out that these platforms typically do not adhere to user protection measures, such as separating customer funds from operational accounts, leaving users more exposed to losses in the event of fraud, insolvency, or service disruption. In such cases, options for recovery may be extremely limited. “Users are requested to check whether the virtual asset business operator they are transacting with is a reported business operator through the above website, and if it is an unreported business operator, take measures such as withdrawing their own virtual assets,” a translated excerpt from the report reads. The move by Apple follows a similar action by Google , which began blocking access to 17 unregistered crypto exchange apps on the Play Store starting March 25. Amid this backdrop, crypto adoption in South Korea has continued to surge. By the end of March, the number of local exchange users had surpassed 16 million , accounting for nearly 32% of the national population. Meanwhile, one report suggested that over one in five South Korean public officials were reportedly holding digital assets as of March 27. Read more: Binance integrates Apple Pay, Google Pay via deal with Worldpay

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