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Google Play Removes 17 Crypto Exchanges in South Korea
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South Korea has taken another step in its strict approach to regulating crypto. Authorities recently confirmed that Google Play has blocked around 17 foreign crypto exchanges from its platform.
According to reports, the affected crypto platforms operated without securing necessary licenses from South Korean authorities. The nation’s Financial Intelligence Unit (FIU) recently hinted at actions against unregistered exchanges.
At the request of the Financial Intelligence Unit (FIU), Google LLC began blocking access in South Korea to apps operated by 17 unregistered foreign virtual asset service providers (VASPs) on Google Play starting March 25.
These apps can no longer be newly installed, and… pic.twitter.com/GdSd1pTuTs
— Cobak (@CobakOfficial) March 26, 2025
South Korea’s Specified Financial Information Act requires all Virtual Asset Service Providers (VASPs) to register with regulators before offering services to South Koreans. FIU teamed up with the Korea Communications Standards Commission (KCSC) to restrict access to these exchanges.
KCSC reached out to Google Play to restrict access to the defaulting foreign exchanges. Some of the affected platforms include KuCoin, MEXC, Phemex, CoinEX, and others.
A list showing the affected exchanges
The blockage makes accessing these exchanges difficult for both new and old users. New users can’t download the affected apps, and existing users also won’t receive updates.
What This Means for South Korean Crypto Traders
With these restrictions, South Korean users may have fewer options for crypto trading, pushing them toward local platforms like Upbit and Bithumb, which are fully registered under the country’s laws.
South Korea Plans Major Sanctions on Illegal Crypto Exchanges!
South Korean authorities are taking a tough stance against crypto exchanges BitMEX, KuCoin, CoinW, and others operating illegally by failing to report to the Financial Intelligence Unit (FIU).
These exchanges… pic.twitter.com/ay7Vn0T2aY
— Coin Knowledge (@coinknowledge1) March 23, 2025
However, some traders may turn to alternative methods, such as using VPNs or browser-based trading, to bypass the restrictions.
South Korea has some of the strictest crypto regulations, and this move signals even tighter enforcement ahead. Authorities are also working with Apple Korea and other platforms to extend these restrictions further.
For now, the government is serious about regulating crypto, which could lead to big changes in the local trading landscape.
Disclaimer
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March 28, 2025 at 05:38AM
March 28, 2025 at 05:40AM
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