KuCoin and MEXC Among 14 Crypto Exchanges Blocked on Apple Store in South Korea Following Google Play Ban

Apple Store Blocks 14 Crypto Apps As South Korea Steps Up Crackdown

Following last month's ban on Google Play, South Korea has now expanded its ban on crypto exchange apps to the Apple Store, targeting 14 applications linked to unregistered overseas digital asset firms.

The Financial Services Commission (FSC) confirmed the move in an official statement released on 14 April, stating that the apps — including those of KuCoin and MEXC — had already been blocked from domestic access since 11 April.

KuCoin And MEXC Among Targeted Crypto Exchanges

The FSC report names KuCoin and MEXC as two of the crypto platforms involved in the latest enforcement action.

The apps, previously available to South Korean users, can no longer be downloaded from the Apple Store, while existing users are restricted from receiving updates.

These platforms, according to the regulator, had been operating without proper registration — a violation that qualifies as a criminal offence under local law.

Unregistered Crypto Firms Face Legal Penalties In South Korea

Foreign virtual asset service providers (VASPs) that wish to operate in South Korea are legally required to report to the Financial Intelligence Unit (FIU), under the Act on Reporting and Use of Specific Financial Transaction Information.

The FSC has warned that companies bypassing this process risk facing criminal punishment, including prison sentences of up to five years and fines of up to 50 million won (around $35,200).

Google Play Removed Similar Apps Last Month

The Apple Store ban follows a similar measure taken by Google on 26 March, when 17 apps from unregistered crypto exchanges were delisted from its platform.

17 crypto apps were removed from Google Play in March.

KuCoin and MEXC were also included in that sweep.

The FSC has compiled a list of 22 unregistered platforms operating in South Korea, with the majority now blocked on both major app stores.

Regulators Continue Efforts To Limit Illegal Crypto Activity

The FSC and FIU have maintained pressure on foreign crypto operators who fail to register with local authorities but still provide services to South Korean residents.

According to the FIU, enforcement efforts included actions against 16 firms in 2022 and six more in 2023.

These measures involved blocking access not only to mobile apps but also to websites used by the companies to reach domestic users.

Over 30 Percent Of South Koreans Now Use Crypto Platforms

The regulatory clampdown arrives as crypto adoption in South Korea reaches record levels.

As of 31 March, more than 16 million people in the country — over 30% of the population — were using crypto exchanges.

With this figure projected to exceed 20 million by the end of 2025, regulators have expressed growing concern over the risks posed by unregulated platforms to user safety and financial transparency.

FIU Plans Continued App And Website Restrictions

The FIU stated that “in the future, FIU will continue to block domestic access through mobile applications (apps) and Internet sites of overseas unreported virtual asset operators in order to prevent money laundering risks and user damage, in consultation with relevant organisations.”

This is in line with its ongoing strategy to tighten oversight of the digital asset space.

Local Sanctions Under Consideration For Unregistered Operators

On 21 March, South Korean outlet Hankyung reported that the FIU and FSC were reviewing broader sanctions against firms operating without approval.

These could include blocking not just apps, but entire platform infrastructures.

Under South Korean law, crypto-related businesses involved in sales, brokerage, management, or storage must formally register with the FIU or face penalties.

Regulators Highlight Criminal Status Of Non-Compliance

Reinforcing the legal consequences of ignoring registration rules, the FSC stated in its report,

“Unreported business activities are subject to criminal punishment.”

This may potentially lead to imprisonment for up to 5 years or a fine of up to 50 million won.

The regulators’ emphasis on criminal liability reflects growing concerns over potential money laundering and consumer harm facilitated by unauthorised exchanges operating outside the regulatory framework.