Apple blocks Kucoin, Mexc and 14 other Cripto exchange in South Korea

Kucoin, together with Mexc and 12 other crippto exchanged exchanges, were removed from Apple’s App Store in South Korea for work without registration.

According to 14 April report From the South Korea Financial Services Commission, Apple has started blocking access to applications 11. April after the country’s financial intelligence units.

Due to the limitations, new users will no longer be able to download applications, while existing users will not receive future updates. Blocked exchanges reportedly did not apply to local authorities, but they still offered services to Korean users.

According to the financial intelligence units, these platforms efficiently conducted business in South Korea, offering local marketing sites, which lead local marketing campaigns and enable transactions in Korean killings, activities that fall into domestic operational criteria.

Under South Korea Money washing regulationsEach side crypted the operator dealing with such practices is required for registration with FIU. If you do not, it is considered a criminal offense, punishable by up to five years in prison or fine of up to 50 million won (approximately $ 35,200).

Last month, FIU listed He actively worked on a block of unregistered virtual asset service providers and limiting their access to Korean users. This includes targeting not only mobile applications, but also connected to websites.

Authorities say these limitations are focused on users and reducing exposure to threats such as hacking, data violations and potential abuse of property. Without regulatory surveillance, unregistered exchanges represent serious risks, especially in terms of consumer protection and financial security.

The FIU also pointed out that these platforms do not usually adhere to users’ protection, such as customers from operating accounts, leaving users more exposed to losses in case of interruptions, insolvency or disorders. In such cases, recovery options can be extremely limited.

“Users are asked to check whether the virtual business operator deals with the underline website, and if the retired business operator,” translated excerpt from reports “,” translated exports from the report read.

That move Apple follows a Similar action to GoogleWhich started blocking access 17 unregistered CRIPTO Exchange Apps in the Play store starting from 25. Marta.

In the midst of this backdrop, the Cripto adoption in South Korea continued to rule out. By the end of March, he had a number of local exchange users surpassed 16 millionAccounting almost 32% of the national population.

Meanwhile, one report propose That over one in five in South Korean public officials, how to report, hold digital assets from 27. Marta.