South Korea has imposed new restrictions on the crypto industry after requesting Google to remove 17 apps of foreign cryptocurrency exchanges from the Play Store. The goal is to protect investors and prevent illegal financial activities.
Google removes 17 crypto apps
At the request of South Korea’s Financial Intelligence Unit (FIU), Google has started blocking access to 17 crypto exchange apps in the country.
The affected platforms include:
- KuCoin
- MEXC
- Phemex
- Poloniex
- BitMart
Users in South Korea can no longer download or update these apps via Google Play.
Why were these platforms blocked?
The Financial Services Commission (FSC) explained that the exchanges were operating without a license and were actively targeting South Korean users.
Three main violations were identified:
- Having a Korean-language website
- Marketing aimed at Korean clients
- Allowing transactions in Korean won
Strict regulations – protection or limitation?
South Korea is known for having some of the strictest crypto regulations in the world.
Regulators believe that blocking unregistered exchanges:
- Will protect investors from fraud
- Will prevent money laundering
- Will ensure compliance with the law
However, the decision significantly impacts local traders who often rely on international platforms for access to a wider range of cryptocurrencies.
Market and investor reaction
Many South Korean traders depend on foreign exchanges for enhanced liquidity and trading opportunities. Now, some may resort to using VPNs or alternative methods, but the government has made it clear that unregulated platforms will not be tolerated.
Potential impact on the global industry
If similar measures are adopted in other countries, it could lead to a major restructuring of the global crypto market.
Will other countries follow South Korea’s lead?
South Korea may become a model for other governments considering tighter control over digital assets. With growing pressure for regulation, we may see a wave of similar actions on an international scale.
Conclusion:
South Korea is taking a decisive step toward tightening control over the crypto industry by banning unregistered apps through Google Play. This may protect users but also limit access to global crypto markets.
The partnership between the state and tech giants like Google signals a new direction — the digital economy will be strictly regulated, and unlicensed platforms will face serious hurdles.
Frequently Asked Questions
Find answers to the most common questions below.
At the request of financial regulators, due to unregistered operations of foreign exchanges targeting Korean users.
Among them are KuCoin, MEXC, Phemex, Poloniex, BitMart, and 12 other exchanges that have not obtained a license in South Korea.
The ban may remain in effect until the platforms meet regulatory requirements and obtain the necessary licenses.
Some may try using VPNs, but that carries the risk of violating local laws and regulations.
It’s possible. Similar actions by other governments could restrict access to major crypto exchanges worldwide.
This article is for general informational purposes only and is not intended to be, nor should it be considered, legal or investment advice.
