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- South Korea’s FSC ordered Apple to block customer access to 14 crypto trading apps, including MEXC and KuCoin.
- Its order follows the restrictions on 17 apps within Google.
South Korea, one of the top cryptocurrency adopters in the world, is continuing its crackdown on several crypto trading apps. Fresh from its request for Google to block 17 of these platforms within its jurisdiction, the regulators of the East Asian nation have resumed their crusade against 14 more within Apple’s applications.
Apple Mass Blocks 14 Crypto Apps
According to South Korea’s Financial Services Commission (FSC), Apple had already begun blocking 14 crypto trading apps within the regulator’s jurisdiction on April 11. This follows a similar request it made to Google on March 25 for 17 platforms.
The FSC explained that its ban was due to the failure of the platforms to comply with the country’s reporting guidelines for virtual assets. Customers within its area of authority can no longer reinstall the said apps, while those who still have them installed on their mobile devices can no longer receive updates in their existing accounts. It advised users of the affected apps to take measures to withdraw their funds immediately.
Among the major crypto exchanges struck by the FSC restrictions include MEXC and KuCoin. Both have yet to issue their official statements regarding the matter as of writing.
The FSC warned affected parties of the risks of dealing with unregistered or unreported businesses. It claimed that their services could expose users to privacy leaks, hacking, and loss of money or virtual assets. In addition, they could be used as a medium for money laundering operations.
The regulator recommended people to first check with the Financial Intelligence Unit (FIU) before using crypto trading apps. They must ensure that the platforms comply with the provisions under the “Act on Reporting and Use of Specific Financial Transaction Information” to safely navigate the crypto space without exposing themselves to the risks mentioned.
The FSC noted that non-complying virtual asset business operators could face up to five years of imprisonment or a fine of up to 50 million won (over $35K). Moreover, it highlighted that its crackdown is not yet over. It would continue blocking domestic access to more mobile apps and Internet sites that are engaging in unreported virtual asset operations.
South Korea Leading Crypto Adoption in Eastern Asia
South Korea emerged as the top country in terms of crypto adoption in Eastern Asia and 19th in the world based on Chainalysis 2024 survey. Meanwhile, Social Capital Markets’ research last year also identified the country as the third among the most crypto business-friendly countries in the world, positioned between Switzerland in the second place and Singapore in the fourth place.
Despite these distinctions, the nation has been recently treading with caution amid the growing influence of crypto within its financial system. Last month, the Bank of Korea (BOK) reportedly discouraged legislators from introducing measures that could pave the way for the integration of Bitcoin (BTC) as a foreign exchange reserve. Now, it appears to be on the verge of wiping out crypto trading apps that it deems non-compliant with the FSC’s reporting rules.
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