Zuid -Korea blocks apps from Crypto -fairs on Apple, Google Stores

The best financial regulator in South Korea has removed 14 crypto -exchange apps from Apple’s App Store and 17 from Google Play, which includes important platforms such as Kucoin and Mexc, as part of a performance against non -registered foreign operators.

The Financial Services Commission (FSC) announced Monday that the Bans came into effect on March 25 in the Play Store of Google and in Apple’s App Store on 11 April.

“We keep a close eye on the developments of the regulations in all areas of law, including South Korea, and will work fully with any legal requirements,” said a Kucain spokesperson for said Decrypt In an e -mail statement.

“Kucin has always given priority to its users and has maintained a strong commitment to compliance. We respect the legal efforts of the South Korean Financial Services Commission and take such things seriously,” they added,

Mexc did not respond immediately to one Request for comments.

The apps were described as “non -reported foreign virtual assets operators”, which means that they have not registered with the Financial Intelligence Unit (FIU) of the FSC before they offer services to Korean users.

According to the South Korean law, virtual asseters must register at the FIU, a division of the FSC before they do business in their own country.

Factors that activate this required include having a Korean language website, accepting payments in won or marketing to Korean users. Violations can lead to a maximum of five years in prison or fines of a maximum of 50 million won (around $ 36,000).

Two of the stock markets had no identifiable owners, according to one list From targeted platforms on the FSC website. PolonieX and Bitmart were also mentioned. Both still have to respond to a request to comment.

Regulators in the country are always not willing to tolerate offshore grants that have alleged domestic supervision. The FSC previously took action against 16 fairs in 2022 and six more in 2023.

In January, the country suggested Plans to upgrade his crypto task force to a permanent research unit. If approved, the unit will build on his work against crypto-related crimes, which extensively establishes its authority and resources outside the formation, founded in July 2023.

It also follows a series of high -profile scandals, including an official accused Nearly 500 million of embezzlement ($ 342,000) won in public funds to trade crypto, some of which come from donations of flood repair.

A former legislator was recently released from charges after he was accused of hiding Crypto activa. And last week, one assumed Crypto -Mijnbouw Operation In Gwangju it turned out that it was a front for illegal gambling judge of more than 140 million ($ 95,000).

The FSC has also given a warning to users that dealing with non -registered platforms entails serious risks. Currently, 28 crypto companies are officially registered in South Korea.

Published by Sebastian Sinclair