South Korea has intensified its clampdown on unlicensed cryptocurrency trading platforms, with 14 overseas exchanges, including major names like KuCoin and MEXC, now blocked from the Apple App Store, the country’s Financial Services Commission (FSC) confirmed on 11 April.
In a report published on 14 April, authorities classified the affected firms as unregistered virtual asset service providers (VASPs).
The Financial Intelligence Unit (FIU), which oversees financial crimes and compliance, will continue its push to delist similar apps and websites in a bid to protect consumers and curb money laundering activities.
This follows a similar enforcement move made on 26 March, when Google Play removed access to several of the same crypto trading platforms. So far, 17 out of 22 identified exchanges have been taken down from Google’s app store.
The FSC clarified that these crypto apps can no longer be downloaded or updated on iOS devices in South Korea.
Operating without proper registration is a serious offence under South Korean law, carrying penalties of up to five years in prison and a fine of 50 million won (approximately £27,000 or $35,200).
The FIU is reportedly exploring additional enforcement mechanisms against unregistered crypto platforms.
Under South Korean law, any firm involved in the sale, brokerage, or storage of digital assets must submit detailed information and register with the FIU to legally operate within the country.
The regulatory crackdown comes amid a surge in crypto adoption nationwide. As of 31 March, over 16 million South Koreans were reported to be engaging in digital asset transactions.
That number is expected to surpass 20 million by the end of 2025, even as the regulatory environment continues to tighten.
