South Korea Prohibits 14 Crypto Exchanges Such As KuCoin And MEXC From Apple App Store
South Korea has prohibited 14 unregistered digital currency exchanges from accessing the Apple app store. The nation’s Financial Services Commission (FSC) publicized the prohibition, reinforcing its stringent policy against non-compliant virtual asset service providers (VASPs).
“At the request of the FIU, Apple has followed in Google’s footsteps by blocking domestic access via Apple apps (14 apps) of overseas unregistered virtual asset operators like KuCoin and MEXC starting April 11,” the FSC mentioned in its press update on 14 April 2025.
Prior to Apple, Google was instructed to bar 17 apps last month.
“Going forward, the FSC will persist in blocking domestic access through mobile applications and online sites of overseas unregistered virtual asset operators to mitigate money laundering risks and safeguard users, in coordination with relevant organizations.”
Attention South Korean friends.
Apple has just restricted 14 crypto applications, including KuCoin and MEXC, for not registering with the Financial Intelligence Unit (FIU).
If you are in Korea, ensure your platform complies while waiting for these exchanges to register. pic.twitter.com/adJOaU5V6S
— Iko | Web3 (@IkoWEB3) April 15, 2025
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“All platforms that sell, store, or broker cryptocurrencies in South Korea need to register with the FIU”
As per the regulators, the 14 exchanges were removed for not registering as VASPs in accordance with South Korean legislation. This move represents the latest step in South Korea’s continuous efforts to regulate its rapidly expanding crypto asset sector.
“Any network that sells, stores, or brokers cryptocurrencies in South Korea must register with the FIU,” a representative from the regulatory agency indicated. “Operating without adequate registration not only breaches our financial regulations but also poses significant risks to consumers.”
The consequences for non-compliance are harsh. Businesses functioning without appropriate registration could face potential imprisonment for up to five years and fines reaching 50 million won (roughly $35,200). These stringent measures highlight South Korea’s dedication to placing cryptocurrency activities under regulatory scrutiny.
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Regulators Requested Google To Block Access To 17 Crypto Exchanges
The exchanges affected include KuCoin, MEXC, Phemex, Coinex, Poloniex, and others.
“The FIU has uncovered overseas unreported businesses (16 companies in 2022, 6 companies in 2023) and is advising reporting businesses to avoid dealings with unreported entities (Article 10-20 of the Act),” reported South Korea’s FIU.
This update indicates that South Korean crypto users are unable to download these applications, and current users will not receive updates.
As reported by local media on 21 March 2025, the South Korean authorities are contemplating penalties like barring access to all crypto exchanges not registered as VASPs, in conjunction with the Korea Communication Standards Commission (KCSC).
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Key Takeaways
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South Korea has prohibited 14 unregistered digital currency exchanges from the Apple app store. They maintain their tough position against non-compliant VASPs.
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“All platforms selling, storing, or brokering cryptocurrencies in South Korea must register with the FIU,” stated a spokesperson from the regulatory agency.
The article South Korea Bans 14 Crypto Exchanges Like KuCoin And MEXC From Apple App Store first appeared on 99Bitcoins.
