South Korea blocks CRIPTO EXCHANGES applications on Apple, Google Stores

The top financial regulator of South Korea removed 14 CRIPTO Exchange Apps from Apple’s App Store and 17 from Google Play, which includes major platforms such as Kucoin and MEKSC, as part of refusing unregistered foreign operators.

Financial Services Commission (FSC) announced Monday that the ban entered into force on Google’s shop in March and on Apple App Store 11. April.

“We closely monitor the prescribed development in all jurisdictions, including South Korea and will fully cooperate with any regulatory requirements,” said spokesman Kukoin Decipher in a statement by email.

“Kucoin is always a priority to its customers and maintained a strong commitment to respect. We respect the regulatory efforts of the Commission for South Korean financial services and take such things,” they added.

MEXC did not immediately respond to Comment request.

Applications are described as “unclaimed foreign virtual asset operators”, which means that they failed to register in the FSC financial intelligence unit (FIU) before bidding services to Korean users.

Under South Korean law, Virtual Property Suppliers must register with FIU, division of FSC before business is performed in the country.

Factors that run this request include a website of Korean language, accepting payments in victorious or marketing to Korean users. Breaches can lead to up to five years in prison or fines up to 50 million won (about 36,000 dollars).

The two stock exchanges did not have identified owners, according to a list Target platforms on the FSC website. The theater was also appointed Poloniek and Bitmart. Both are yet to respond to a comment request.

Regulators in the country are no longer wanting to tolerate offshore exchanges stated alleged domestic supervision. He previously took the FSC against 16 exchange in 2022. and six more 2023. Years.

In January, the Earth proposed He plans to upgrade his crypto workforce to a constant investigative unit. If approved, the unit will build against cryptological crimes, the expansion of government and resources outside its formation, established in July 2023. Years.

Also follows a series of high profile scandals, including a civil servant accused Accounting almost 500 million won (342,000 dollars) in public funds for the crypto trade, some of which came from the donations of the flood recovery.

The former legislator also recently cleared the charges after the accused to hide cryptian property. And last week, a allegedly Crypto mining action In Guang, it has shown that the front for illegal gambling transfer of over 140 million won ($ 95,000).

The FSC also issued warning to users to deal with unregistered platforms have serious risks. Currently, 28 crypto companies are officially registered in South Korea.

Edited Sebastian Sinclair