South Korea’s financial regulators have announced that they have blocked Apple App Store applications, which belong to 14 unregistered foreign cryptocurrency exchanges.
According to local news agency Newsis, the Financial Information Unit (FIU) of the South Korean Financial Services Commission (FSC) has announced that applications for 14 unregistered cryptocurrency exchanges have been blocked from the Apple App Store.
The South Korean decision follows Google’s blocking of 17 cryptocurrency exchange apps, including Kucoin and MEXC, on March 25th.
Among the 14 cryptocurrency exchanges, major exchanges such as Kucoin and Mexc were seen, as well as Phemex, Bitrue, Coinw, Coinex, Zoomex, Poloniex, BTCC, Blofin, Incincatch, Doex, Weex, and Bitmart.
FIU continues to identify unregistered forex, advise against interacting with registered platforms, and notify law enforcement agencies.
The FIU also warned that exchanges operating domestically without a VASP license must be reported to the FIU under the Act on Reporting and Use of Certified Financial Transaction Information.
According to the relevant laws, foreign crypto exchanges are required to obtain a VASP license to carry out local business activities, such as reporting to the FIU and providing Korean websites, marketing events to attract Korean customers, and WON-based payments.
*This is not investment advice.
