Apple and Google Stop Access to 14 Crypto Apps in South Korea!

Jakarta, Pintu News – In early April, major steps were taken by Apple and Google in restricting access to unregistered crypto exchange apps in South Korea. KuCoin and MEXC were included in a blacklist of 14 exchanges that are now inaccessible through the App Store and Google Play Store in the country.

Check out the full news below!

Introduction to Blocking by Apple and Google

On April 11, Apple started blocking unregistered crypto exchange apps at the request of South Korea’s Financial Intelligence Unit (FIU). A similar move was followed by Google which initiated a block on March 25.

This block includes apps that offer Korean-language services, run local marketing campaigns, and allow transactions in Korean won.

The two tech giants took action following a report from the South Korean Financial Services Commission (FSC) stating that the exchanges were operating without official registration. This poses a serious risk to user security and the integrity of the South Korean financial system.

Also read: Despite 5% Open Interest Drop, XRP Breakout Opportunity Still Open?

Regulations and Legal Impact

According to South Korea’s anti-money laundering regulations, any foreign crypto operator must register with the FIU. Failure to do so can result in imprisonment of up to five years or a fine of up to 50 million won (approximately $35,200).

The FIU has stated that it will continue to work to block unregistered virtual asset service providers and restrict their access to Korean users.

This step protects users from threats such as hacking, data breaches, and asset misuse. Without regulatory oversight, these unregistered exchanges leave users vulnerable to fund loss, especially in the event of fraud, bankruptcy, or service disruption.

Read also: Latest News: US SEC Delays Bitcoin and Ethereum ETF Decision, What’s the Impact?

Crypto Adoption and Future Trends in South Korea

Despite tightening regulations, crypto adoption in South Korea continues to rise. By the end of March, the number of local exchange users had surpassed 16 million, accounting for nearly 32% of the national population. This number is estimated to continue to grow, reaching 20 million users by the end of 2025.

This comes amid tightening regulations to ensure that all crypto operations are transparent and safe. These measures are expected to reduce the risks associated with investing and trading crypto assets in the country.

Conclusion

Apple and Google’s actions demonstrate their commitment to supporting government regulations and protecting users from unnecessary risks. While this block may disappoint some users, the move is important to ensure that the crypto trading environment in South Korea remains safe and secure.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Crypto News. Apple Blocks KuCoin, MEXC, and 14 Other Crypto Exchanges in South Korea. Accessed on April 16, 2025
• Crypto Times. South Korea Bans 14 Unregistered Crypto Apps on Apple Store. Accessed on April 16, 2025
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