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South Korea bans crypto exchanges as part of a wider crackdown on unregistered digital asset firms.
On April 11, the Financial Services Commission (FSC) announced the blocking of 14 crypto exchange apps on Apple’s App Store. Major platforms like KuCoin and MEXC are on the list. This move follows Google Play’s earlier decision to block similar apps on March 26. Authorities say these companies were offering services without proper registration.
The Financial Intelligence Unit (FIU) is taking the lead in this enforcement. Its primary concern is preventing money laundering and protecting users from financial damage. Unregistered exchanges are now in violation of the country’s anti-money laundering rules. These rules require all crypto service providers to report their operations to the FIU.
Unregistered apps now face full-platform bans
The FSC report, made public on April 14, explains that these unregistered platforms are now considered criminal offenders. According to the law, operating without proper authorization can lead to up to five years in prison. Offenders may also face fines of 50 million won, roughly $35,200. The restrictions mean users can no longer download these apps or update them on Apple devices.
As of now, 22 crypto platforms have been flagged by South Korean regulators. Seventeen of those are already blocked from Google’s marketplace. The remaining platforms are expected to face similar treatment on all major digital marketplaces soon.
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South Korea bans crypto exchanges amid rising adoption
The move comes at a time when crypto adoption in South Korea is hitting new highs. By March 31, more than 16 million people in the country had registered on crypto exchanges. That’s over 30% of the entire population. Some analysts predict this number will exceed 20 million by 2025.
Officials believe this growth has made the sector more vulnerable to fraud and abuse. That’s why enforcement is ramping up. The FSC and FIU are working together to remove all access points to unregistered platforms. Websites, apps, and online services are being monitored and removed if found in violation.
Crypto regulation takes center stage in South Korea
Industry experts say these measures reflect the government’s intent to create a safer digital asset ecosystem. By banning unregistered platforms, South Korea aims to encourage legal compliance. Only those exchanges that register with the FIU and meet its standards will be allowed to operate. For now, users should be cautious about where they invest or trade their digital assets.
South Korea bans crypto exchanges not to restrict innovation but to safeguard public interest. With strict measures in place, the country is sending a clear message to the global crypto market — regulation is no longer optional.
