South Korea Cracks Down as 14 Crypto Apps Banned
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To deter unlawful activities, South Korea has prohibited 14 unregistered cryptocurrency Exchanges. Move follows Google Play’s block, aims to protect users, fight crime. The South Korean government took a decisive step against unregulated cryptocurrency platforms as part of its current regulatory initiatives. The financial authorities of South Korea blocked 14 crypto exchange applications from the Apple App Store because these overseas operators failed to meet South Korean legal requirements. The Financial Services Commission (FSC) announced the new digital asset oversight plan on April 11. The blocked applications, consisting of KuCoin and MEXC among others, operated illegally because they failed to register properly. These restrictions from South Korea aim to protect investment funds while the government combats financial offenses that occur in its expanding digital currency market. Current regulatory initiatives demonstrate rising concerns about unregistered platforms since the country has 16 million crypto users, who represent approximately 30 percent of its population. Source – X The Financial Supervisory Commission issued its ruling soon after Google Play established restrictions on 17 matching apps on March 26. Through these enforcement measures, the country shows its commitment to making Virtual Asset Service Providers follow established regulations. Unregistered crypto operations expose users to risks, which include both scams and data theft incidents, according to the authorities. Why South Korea Is Targeting Crypto Apps South Korea maintains rigorous oversight on the regulation of cryptocurrencies throughout its territory. The Financial Intelligence Unit (FIU) under the Act on Reporting and Use of Specific Financial Transaction Information requires registration from all Virtual Asset Service Providers who operate in South Korea. The 14 banned financial exchanges operated against the financial regulations established by South Korea. FIU reported that unregulated exchanges posed a threat to money laundering operations because of their non-compliant operations. On April 14, the FSC published a report…
