The recent Google Play crackdown on unlicensed crypto platforms now restricts 17 overseas exchange services to users in South Korea. The crypto exchanges operate outside of South Korean regulatory requirements as specified by the Financial Services Commission (FSC) and the Financial Intelligence Unit (FIU).
The restrictions, which took effect on March 26, prevent users from downloading or updating apps associated with these exchanges. The FSC had previously announced that these platforms were operating without proper registration under South Korea’s Specified Financial Information Act, which mandates virtual asset service providers to report their operations to local authorities.
The affected exchanges consist of major platforms known as KuCoin, MEXC, Phemex, and BitMart. Local consumer protection and anti-money laundering efforts drive the Korean authorities to restrict unregistered exchanges within their borders. The FSC also partners with Apple Korea and other local regulators to push for an extension of platform restrictions in the App Store which reduces local access to these platforms.
