Google Play Blocks Unregistered Crypto Exchange Apps in South Korea

Google Play has recently removed access to several unregistered foreign cryptocurrency exchange apps in South Korea, including KuCoin and MEXC.

This move, initiated on March 25, was made following a request from South Korean authorities.

The Financial Services Commission (FSC), South Korea’s regulatory body, confirmed the ban on 17 unregistered exchanges operating in the country. These apps, which include well-known platforms like KuCoin and MEXC, are now unavailable for download or updates on Google Play for South Korean users.

The FSC clarified that these exchanges were operating without the necessary local registrations and were specifically targeting South Korean users. By blocking these apps, the government aims to combat potential money laundering risks and protect local users from potential harm linked to unregulated foreign platforms.

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The list of affected exchanges includes KuCoin, MEXC, Phemex, and others. The FSC emphasized that exchanges with a local presence or marketing activities aimed at Korean users, and those supporting transactions in the Korean won, were subject to this scrutiny.

As a result of these actions, users in South Korea are unable to install or update the blocked apps from the Google Play Store.

Alexander Stefanov