Apple Apps KuCoin, MEXC and 12 Crypto Exchanges Blocked in South Korea
South Korean regulators will continue to restrict access to local websites of unregistered virtual asset operators, according to a statement.
Romashka Shumba | Edited by Nikhilesh De , April 14, 2025, 5:56 PM
Key points:
- South Korea's Financial Intelligence Agency has asked Apple to block 14 unspecified apps from foreign virtual asset operators.
- Last month, the company also asked Google to restrict access to 17 apps, and there were reports that the regulator was planning to block some exchange sites.
South Korean authorities have called for a ban on 14 Apple apps in the country that are linked to unknown foreign cryptocurrency operators, according to an official statement released on Monday.
Cryptocurrency exchanges KuCoin and MEXC have also come under regulatory scrutiny, with access to their domestic apps blocked as of April 11. CoinDesk has reached out to KuCoin and MEXC for comment.
The statement noted that foreign virtual asset operators wishing to operate in South Korea are required to report to the Financial Intelligence Agency (FIA) under the Act on the Provision and Use of Specific Financial Transaction Information.
“Unreported business activity can lead to criminal penalties, and the FRU is monitoring foreign virtual asset firms that operate in the country without the required reporting requirements (16 companies in 2022, 6 companies in 2023) and blocking access to their websites and mobile applications,” the regulators said.
South Korea is taking steps to block crypto providers operating illegally. Last month, it asked Google to block access to 17 apps, and there were reports that the regulator was planning to block some exchange websites.
“In the future, the FRU will continue to block access to mobile applications and websites of foreign unregistered virtual asset operators in order to combat money laundering risks and protect users, in cooperation with relevant organizations,” the Financial Intelligence Unit said in a statement.
