- Google Play Store blocks 17 unregistered VASP apps, including KuCoin and MEXC, in South Korea.
- South Korea’s increased crypto regulation aims to ensure compliance with AML and KYC laws.
- The ban on unregistered VASPs may limit access and push users to other regions with fewer regulations.
Google Play Store in South Korea has blocked 17 foreign Virtual Asset Service Providers (VASPs) apps, including those of KuCoin and MEXC, from being accessible to users within the country.
This action comes as a consequence of these exchanges failing to register with the Financial Intelligence Unit (FIU), which is a branch of South Korea’s Financial Services Commission (FSC), as mandated by local law.
Related: South Korea to Release Institutional Crypto Investment Guidelines in Q3 2025
Why Has Google Play Blocked These Crypto Exchange Apps?
Google Play Store’s action signals South Korea’s increasing regulatory efforts within the cryptocurrency industry. According to a statement issued by the FSC, this action was taken at the specific request of the FIU, which is responsible for overseeing compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations for financial services operating within the country.
Foreign VASPs are legally required to register with the FIU in order to operate within South Korea. This registration process ensures that these platforms adhere to the necessary regulations, which are designed to protect the integrity and reliability of the country’s financial system.
How Will This Affect Crypto Users in South Korea?
For foreign exchanges such as KuCoin and MEXC, operating in South Korea without obtaining this mandatory registration has now led to tangible consequences. The inability for users to download or update these apps through the Google Play Store will directly affect those who previously relied on these platforms for trading digital assets.
The ban on unregistered foreign VASP apps is expected to limit access for cryptocurrency traders based in South Korea. While users who had already downloaded the apps before the ban may still retain some functionality, they will no longer be able to receive updates to the applications. New users, however, are completely blocked from installing these apps from the Google Play Store.
However, some concerns have been raised about whether such strict measures could drive investors and companies away from South Korea.
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