At the request of South Korean regulators, Google Play has restricted access to 17 unregistered foreign cryptocurrency exchanges, including KuCoin and MEXC, that catered to local users.
This action, effective 25 March, is part of South Korea’s broader regulatory efforts to protect investors and enforce compliance within the crypto industry.
On 21 March, the Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) signalled potential sanctions against operators failing to report to regulators, as required by the country’s Specified Financial Information Act.
The FIU, in coordination with the Korea Communications Standards Commission (KCSC), explored methods to block access to these exchanges.
By 26 March, the FSC confirmed that 17 of 22 unregistered platforms were removed from Google Play, preventing new downloads and updates, and restricting access for existing users.
These platforms violated South Korea’s legal framework by targeting local traders without proper registration.
The FSC has published a list of 22 foreign cryptocurrency exchanges, with 17 of them highlighted as blocked.
The FSC has confirmed that 17 foreign cryptocurrency exchanges, including KuCoin, MEXC, and Phemex, have been restricted on the Google Play Store.
As a result, these platforms will no longer be available for new users to download, and existing users will be unable to receive app updates.
This move is part of South Korea’s broader regulatory efforts to combat money laundering and mitigate risks to local investors.
The affected exchanges also include KuCoin, MEXC, Phemex, XT.com, Biture, CoinW, CoinEX, ZoomEX, Poloniex, BTCC, DigiFinex, Pionex, Blofin, Apex Pro, CoinCatch, WEEX and BitMart.
The FIU is collaborating with Apple Korea and the KCSC to further restrict access through internet and App Store channels.
KuCoin, which has previously emphasized its commitment to compliance for sustainable crypto growth, has yet to outline its plans for adhering to South Korea's regulations.
South Korea has established itself as a global leader in enforcing stringent cryptocurrency regulations.
Under the Specific Financial Transaction Information Reporting and Use Act, foreign virtual asset service providers (VASPs) must register with the country’s FIU to operate legally.
Non-compliance can lead to severe penalties, including hefty fines and imprisonment.
The FSC stresses that these measures aim to combat financial crimes, such as money laundering, and safeguard local investors from fraud.
Authorities have outlined criteria for identifying illegal operations, including the use of a Korean-language website, marketing to local users, and supporting transactions in Korean won.
This latest crackdown, which follows similar actions in 2022 and 2023, signals a heightened commitment to regulating the crypto sector.
While these measures may appear restrictive, they could foster a more stable environment that attracts institutional investors seeking regulatory clarity.
South Korea’s efforts to delay taxing crypto investments further indicate a balanced approach, aiming to encourage growth while ensuring robust investor protections.
MGX invested $2 billion in Binance, marking the crypto exchange’s first institutional deal, and the investment was made entirely in stablecoins. This deal strengthens Binance’s presence in the UAE, positioning the country as a growing hub for digital assets and blockchain technology.
JoyRecent advancements in AI and robotics have sped up the commercialization of robots, especially in industrial settings. Google's announcement follows Figure AI's exit from its collaboration with OpenAI, after achieving an internal breakthrough in AI for robots.
CatherineThe Lazarus hacking group has been linked to six malicious npm packages designed to steal credentials and cryptocurrency data. These fake packages, downloaded over 330 times, target developers and crypto users by disguising as legitimate software.
WeatherlyTikTok's update introduces a first-of-its-kind mindfulness tool, enforcing digital well-being for users under 16. But will it foster relaxation or fuel rebellion?
KikyoSony’s blockchain subsidiary, Soneium, has partnered with Line to introduce Web3-enabled mini-games to Line’s 200 million users. The collaboration aims to make blockchain gaming more accessible and integrate Web3 experiences into Line’s popular platform.
AnaisHayden Davis, founder of the $LIBRA meme coin, faces an Interpol Red Notice as Argentine authorities accuse him of orchestrating a $100 million scam. The scandal also involves President Javier Milei, who promoted the coin before it collapsed, leading to lawsuits from defrauded investors.
WeatherlyCrypto entrepreneurs David Zhang and Giulio Xiloyannis have revealed they were targeted by hackers, raising concerns about growing cybersecurity threats in the industry.
CatherineCoinbase will suspend trading of meme coins Floki, Turbo, and Gigachad for New York users starting April 14, 2025, following a routine asset review. The reasons for the suspension remain unclear, but speculation points to regulatory challenges in New York.
AnaisWSJ reported Trump’s family discussed investing in Binance.US, while Bloomberg sources said Trump-linked WLFI explored partnerships, including a stake in Binance’s US arm. WSJ also claimed CZ sought a presidential pardon, which he denied as false and politically driven. Is he countering misinformation or rejecting premature claims?
CatherineHamster Network’s Layer-2 blockchain, once outpacing Solana, saw a 99.9% transaction drop in two weeks. Analysts link its surge to airdrop hype, with engagement fading post-incentives. Is its early success sustainable or just a fleeting spike?
Kikyo