South Korea has prohibited 14 unregistered cryptocurrency exchanges from being featured in the Apple app store. This action, announced by the country’s Financial Services Commission (FSC), is part of South Korea’s escalating efforts against non-compliant virtual asset service providers (VASPs).

“Following the request of the FIU, Apple has blocked domestic access to 14 apps operated by overseas virtual asset service providers like KuCoin and MEXC starting April 11,” states the FSC press release from April 14.

Previously, Google was instructed to block 17 apps the month before.

“Moving forward, the FSC will continue to restrict access to mobile applications and websites of overseas unregistered asset operators to combat money laundering risks and protect users,” noted the FSC.

Key Sections

• Any platform that sells, stores, or brokers cryptocurrencies in South Korea must register with the FIU. An official from the regulatory body emphasized the necessity of registration for compliance, warning of risks to consumers.
• Severe penalties for non-compliance include possible imprisonment up to five years and fines reaching 50 million won (approximately $35,200), highlighting South Korea’s commitment to regulatory oversight in the cryptocurrency sector.

Affected exchanges include KuCoin, MEXC, Phemex, and others.

Local reports have indicated that South Korean authorities are contemplating sanctions to block all crypto exchanges that do not comply with VASP regulations.