South Korea has intensified its crackdown on unregistered cryptocurrency platforms, ordering Apple to block 14 digital asset exchange apps from its App Store. The move, announced by the Financial Services Commission (FSC) on April 11, follows a similar directive issued to Google Play last month.
Among the banned exchanges are popular global platforms KuCoin and MEXC, both previously targeted in a March 26 Google Play purge that removed 17 unregistered crypto apps. The FSC published a list of 22 virtual asset operators allegedly violating local laws, citing their failure to register as required under South Korea’s strict digital asset regulations.
The Financial Information Analysis Institution (FIU), which oversees compliance with anti-money laundering (AML) laws, stated that the targeted exchanges were servicing South Korean users in Korean, enabling won-based transactions, and marketing locally — all without proper authorization. The FIU confirmed it will continue to work on blocking both apps and websites of unregistered platforms to prevent “user damage and money laundering.”
The FSC noted that such unregistered business activities are criminal offenses, subject to up to five years imprisonment and fines of up to 50 million won (approximately $35,200). As part of the ban, South Korean users are now unable to download or update the affected apps through the Apple Store.
These regulatory actions arrive amid a surge in crypto adoption in South Korea. As of March 31, more than 16 million residents, over 30% of the population, were engaged in cryptocurrency trading. Industry observers expect this number to exceed 20 million by the end of 2025. Notably, over 20% of South Korean public officials have declared crypto holdings, totaling nearly $9.8 million, including assets like Bitcoin, Ether, XRP, and Dogecoin.
As the government tightens oversight, experts say more aggressive enforcement could follow, with broader implications for global exchanges seeking access to South Korea’s fast-growing digital asset market.
