KuCoin, MEXC and 12 Crypto Exchanges' Apple Apps Blocked in South Korea

South Korean regulators will continue to block unreported virtual asset operators from accessing domestic sites, a statement said.

• South Korea’s Financial Intelligence Unit requested that Apple block 14 apps of overseas unreported virtual asset operators.
• Last month it requested Google prevent access to 17 apps alongside reports that the regulator planned to block some exchanges sites.

South Korean regulators have taken measures to block 14 apps of foreign unreported virtual asset operators from being accessed within the country, including those on Apple's platform. This move is in line with the country's efforts to regulate virtual asset businesses operating illegally.

To comply with South Korea's regulations, foreign virtual asset operators must report to the Financial Intelligence Unit (FIU) under the Act on Reporting and Use of Specific Financial Transaction Information. Failure to report could result in criminal penalties. The FIU has been actively targeting overseas unreported virtual asset operators engaging in domestic business activities without proper reporting.

In addition to blocking mobile apps and websites of non-compliant operators, South Korea has also requested Google to restrict access to 17 apps last month, hinting at further restrictions on exchange platforms. The goal behind these actions is to prevent money laundering risks and protect users from potential harm.

Looking ahead, the FIU plans to continue its efforts in collaboration with relevant organizations by blocking domestic access to apps and websites associated with overseas unreported virtual asset operators.

“In the future, FIU will continue to block domestic access through mobile applications (apps) and Internet sites of overseas unreported virtual asset operators in order to prevent money laundering risks and user damage, in consultation with relevant organizations,” the Financial Intelligence Unit said.