South Korea’s Financial Intelligence Unit (FIU) has asked Apple to block 14 apps from unregistered foreign virtual asset operators on its domestic App Store. This action comes after a similar request to Google last month, which led to 17 crypto-related apps being blocked on the Google Play Store.
Crypto exchanges KuCoin and MEXC are among the companies affected by these restrictions. Since April 11, users in South Korea have not been able to access these exchanges’ apps through Apple or Google’s app stores. A spokesperson from MEXC said that its app is no longer available on both platforms and that the company is reviewing what steps are needed to go well with local policies. KuCoin also commented, saying it is closely watching regulatory changes in South Korea and will fully cooperate with any requirements.
According to the FIU, foreign virtual asset business operators that want to serve users in South Korea must report to the agency under the Act on Reporting and Use of Specific Financial Transaction Information. The FIU says that unreported business activities are subject to criminal punishment. The agency has already targeted quite a few overseas operators in recent years, blocking access to their websites and apps for users in South Korea.
The FIU says these actions are meant to reduce money laundering risks and protect users from unregulated platforms. The agency has published lists of registered and unregistered virtual asset service providers to help users make informed decisions and to encourage them to withdraw funds from non-compliant platforms.
The FIU says it will keep working with other organizations to block access to apps and websites of unregistered virtual asset operators.
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