South Korea Bans 14 Crypto Exchange Apps from Apple Store – Report
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On April 11, Financial Services Commission (FSC) in South Korea announced the ban of 14 crypto exchange apps from the Apple Store, including KuCoin and MEXC. The report states that the blocked exchanges operated without registration as overseas virtual asset providers.
South Korea has blocked 14 unregistered crypto exchanges, including KuCoin and MEXC, from the Apple Store as part of efforts to combat money laundering.
— WF (@WhaleFUD) April 14, 2025
South Korea Expands Clampdown with Apple Store Restrictions After Google Ban
The request for this latest ban comes weeks after Google Play blocked access to 17 unregistered exchanges in the country. KuCoin and MEXC were also targeted in Google Play’s decision.
The FSC originally put out a list of 22 unregistered platforms operating in South Korea, 17 of which have already been blocked on Google’s Play Store.
With the Apple Store restrictions, new users can no longer download the apps, but existing users still have access, though they won’t receive future updates of these apps.
The FSC warns that failure to register a crypto business could result in up to five years in prison and a fine of 50 million won (around $35,200).
The Financial Information Analysis Institution (FIU) also indicated it will continue its efforts to restrict similar platforms to prevent money laundering and protect users.
Local media outlet Hankyung reported on March 21 that both the FIU and the FSC were discussing sanctions against overseas crypto exchanges operating domestically without proper registration.
The sanctions enforce mandatory FIU reporting for all crypto-related entities, including sellers, brokers, and custodians, with severe penalties for noncompliance.
These steeper regulatory efforts coincide with South Korea’s growing crypto adoption.
As of March 31, crypto exchange users in the country exceeded 16 million, over 30% of the population, and industry experts predict this number could surpass 20 million by the end of 2025.
Crypto Transparency Among Officials Promotes Accountability as Shortfalls Erode Public Trust
The crypto-friendliness in South Korea extends to public officials, with over 20% of government personnel holding digital assets valued at more than $9.8 million.
This transparency push follows Prime Minister Han Deok-soo’s 2023 directive for high-ranking officials to disclose their crypto holdings.
This move was prompted by controversy over lawmaker Kim Nam-kuk’s alleged concealment of approximately $4.5 million in digital assets.
Conflict of interest among officials and decision-makers with significant cryptocurrency holdings has long been a concern.
Due to the nature of volatility and controversies in the sector, such as rug pulls and other dubious crypto schemes, trust in government officials promoting crypto assets can erode rapidly.
For instance, Argentine President Javier Milei saw 57.6% of 1,600 surveyed Argentines lose confidence in him after the $4.6 billion LIBRA scandal.
A similar backlash followed for US President Trump after he introduced his $TRUMP token. The token fell up to 84% from its peak, sparking weeks of murmurs about discontent and insider trading.
Although this occurred before his inauguration, US lawmakers continue to use the incident to urge the Treasury to block the Administration’s crypto reserve plans, citing potential conflicts of interest.
