Google Play Bans Apps from 17 Cryptocurrency Exchanges in South Korea to Combat Financial Crimes

The Financial Intelligence Unit (FIU) of South Korea’s Financial Services Commission (FSC) has announced the blocking of 17 foreign cryptocurrency exchanges on Google Play.

Authorities believe this measure will help prevent money laundering and mitigate potential harm to local users.

The FIU confirmed that this action is in accordance with the «Act on Reporting and Using Specified Financial Transaction Information.» Under this law, exchanges are required to register with regulatory bodies.

On March 26, the FSC released a list of 22 unlicensed platforms, of which 17 applications are no longer available on Google Play.

The blocked exchanges include KuCoin, MEXC, Phemex, XT, CoinEx, BitMart, and Poloniex. Their applications can no longer be downloaded, and updates for existing installations are also unavailable.

The FSC believes this decision will lower risks for users and make it more difficult to utilize cryptocurrencies for financial crimes.

Additionally, the agency is in discussions with Apple Korea and the Korean Communication Standards Commission to limit access to unregulated platforms through the App Store and specific websites.

It’s worth noting that on March 20, the Seoul Prosecutor’s Office conducted searches at Bithumb’s offices as part of an investigation into its former CEO, Kim Dae-sik. The inquiry suggests that he misused company funds to purchase a personal apartment.