South Korean regulators have announced the blocking of 14 applications from foreign unreported crypto operators, including notable exchanges KuCoin and MEXC. Access to their apps has been restricted since April 11.

Key Points:

• The Financial Intelligence Unit (FIU) of South Korea requested Apple to block these apps and previously asked Google to prevent access to 17 other applications.
• Firms wishing to conduct business in South Korea must register with the FIU due to compliance with local regulations.

  “Unreported business activities are subject to criminal punishment,” the FIU emphasized. They have targeted overseas unreported operators, blocking their access to South Korean users.

• The FIU aims to combat potential money laundering risks and protect users by continuing these measures in collaboration with related organizations.