Google Play Store Blocks 17 Unregised Crypto Exchanges in South Korea, Apple May Follow

South korea is reviewing the legal status of crypto businesses to ensure only approved firms engage with investors. This week, Google Play, Following A Regulatory Directive, Blocked 17 Foreign Crypto Exchanges, Including Kucoin, From Being Installed on Android Devices in the Country. Existing users will no longer receive app updates. Meanwhile, the Financial Intelligence Unit (FIU) is in discusations with apple to remove unregisterred crypto business apps from the app store, Further Tightening Regulatory Oversight.

South Korea’s Financial Services Commission (FSC) has identified 22 Crypto platforms operating without legal registration. Among Them, 17 Exchanges – Including Kucoin, Mexc, Phemex, BITRUE, BITGLOBAL, Coinw, And Coinex -Have Been Restricted on Google Play Store, The FSC confirmed,

The Financial Supervisory Service (FSS) Oversees Crypto-Registrations in the Country. Unregisterred Crypto Businesses Lack Government Protection, Exposing Investors to Potanical Risks.

“Unreported Business Operators May Be Exped To Risks Such as Personal Information Leaks and Hacking, and they are not subject to anti-money laundering management and supervision, so that bee aused res asyy Laundering Route. So, there is a risk of damage to users ‘Money and Virtual Assets,’ the FSC explained.

It remains uncertain where seoul will set a compliance Timeline for the affected exchanges, and the next steps for these platforms are still unsclear.

Meanwhile, South Korean Authorities are engaging with apple to restrint unregisterred crypto business apps from the app store. The Fiu and the Korea Communications Standards Commission Are also Working Togeether to Identify and take action against Domestic unregistered unregistered crypto businesses.

The FSC has warned that owners of unregistering crypto firms unreles of KRW 50 Million (Roughly Rs. 29 lakh) or up to five years in prison.

“Users need to check wheether the virtual asset business operator they are trading with is a reported business operator and, if it is an unreported business operator, take measuresures Such SUCHIWING SUCHIWING SUCHIWING SUCHIWING SUCHIWING SHE Virtual Assets, “The FSC Added.

The Fiu Publishes a list of registered crypto platforms on its homepage to help traders engage only with to recognized firms. As of March 22, The List Includes 28 officially registered platforms.

In Recent Months, South Korea Has Undertaken Major Steps to Further Define Its Web3 Ecosystem. South korea recently implemented the ‘Virtual Asset User Protection Act’ to strengthen investor safeguards. The FSC Will Soon Let Corporations Participate in the Vda Market Under FSC’s oversight.

Both, google and apple, have reepeatedly observed Risky Crypto Apps Surfacing on Play Store and App Store. Scammers have been known to float malfare apps and fake wallet offerings on app marketplaces to find for unsuspecting Victims and Steal from them.