You might be out of luck trying to download certain crypto apps in South Korea. South Korea has blocked 14 more cryptocurrency exchanges from the Apple App Store.
This follows a similar move by Google Play just weeks earlier, signaling a severe crackdown on unregistered platforms operating in the country. Not all crypto apps can function in South Korea at the moment.
Apple Store Ban Hits KuCoin, MEXC, and Others
On April 11, South Korea’s Financial Services Commission (FSC) requested that Apple block access to 14 crypto apps linked to exchanges that hadn’t registered with local regulators. Big names like KuCoin and MEXC were among those affected.
Source: X
This ban follows a similar action by Google Play, which, on March 26, blocked 17 unregistered exchanges, including KuCoin and MEXC. The FSC had earlier identified 22 unregistered platforms operating in South Korea, and now they’re taking steps to prevent access across all major app stores.
Why the Crackdown?
The primary concern driving this issue is compliance. Every crypto-related company operating in South Korea must secure financial registration from the Financial Intelligence Unit (FIU). Compliance registration remains mandatory, as failure to follow this protocol means breaking the law.
$101 Million Fine, 25 Years in Prison, No Bail for unregistered broker convicted of market manipulation in South Korea.
Two accomplices also sentenced to prison
South Korea is showing how you crack down on market manipulation.
“The head of an investment consulting firm was… https://t.co/z9kT2CzAFL pic.twitter.com/nrFQ2MSb5M
— kristen shaughnessy (@kshaughnessy2) February 13, 2025
Penalties? They’re no joke. Operators could face up to 5 years in prison and fines of up to 50 million won (about $35,200). The FSC and FIU say this enforcement is necessary to prevent money laundering and protect users from potential fraud or losses.
Crypto in South Korea
Interestingly, this crackdown came when crypto was more popular than ever in South Korea. As of March 31, over 16 million people in the country — more than 30% of the population — use crypto exchanges. The number of digital cryptocurrency users across South Korea will reach 20 million by 2025.
South Korea Blocks Unregistered Crypto Apps:
– South Korea blocked 14 crypto apps on Apple, including KuCoin and MEXC, for operating without registering with the Financial Intelligence Unit (FIU).
– This follows a similar move last month when the FIU asked Google to block 17… pic.twitter.com/qCZh2BykYW
— Cryptopolitan (@CPOfficialtx) April 15, 2025
The crackdown includes senior public officials who take part in the crypto market. As of late March, public officials operating in the country had invested over $9.8 million worth of crypto, representing 20% participation in cryptocurrency holdings. The most active cryptocurrency tokens currently available are BTC, ETH, XRP, and DOGE.
Conclusion
Crypto apps that serve South Korean users must follow established regulations. The nation continues to extend its regulatory authority over crypto assets. As adoption continues, we can expect more regulatory action to ensure user safety and financial transparency.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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