Korean regulators have banned the Poloniex, KuCoin, and MEXC, as well as other 14 apps of crypto exhcanges from Google Play due to their unregistered operations in the country.
South Korean authorities have restricted access to multiple foreign cryptocurrency exchange apps, including Poloniex, KuCoin, MEXC, Phemex, and Bitrue, on Google Play, citing their unregistered operations in the country.
In a March 26 press release, the Financial Intelligence Unit announced that Google began restricting access to 17 such apps due their “unregistered operations targeting Korean users.” Users in South Korea can no longer install these apps, and those who already have them cannot receive updates, the FIU added.
Under the country’s crypto rules, all crypto exchanges must register with regulators. The law also applies to foreign companies if they engage in business activities in Korea. The agency said foreign exchanges may be considered operating in Korea if they provide a Korean-language website, conduct marketing targeting Korean users, or support payments in Korean won.
Authorities claim unregistered platforms pose risks such as leakage of personal information, hacking threats, and potential misuse for money laundering. The FIU also noted that users’ funds and assets may not be protected since these exchanges are “not subject to financial regulations.”
The agency said it expects the ban to “help prevent user damage and curb money laundering through virtual assets,” adding it’s in discussions with Apple Korea and the Korea Communications Standards Commission to apply similar restrictions to App Store apps and websites.
In early February, Apple quietly removed multiple crypto exchange apps from Japan’s App Store at the request of authorities. Mobile applications for Bybit, KuCoin, Bitget, MEXC, and LBank are no longer available in Japan’s App Store. These exchanges had previously been warned by Japan’s Financial Services Agency for operating without registration.
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