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Google Play Store in South Korea has blocked 17 foreign Virtual Asset Service Providers (VASPs) apps, including those of KuCoin and MEXC, from being accessible to users within the country. This action comes as a consequence of these exchanges failing to register with the Financial Intelligence Unit (FIU), which is a branch of South Korea’s Financial Services Commission (FSC), as mandated by local law. Related: South Korea to Release Institutional Crypto Investment Guidelines in Q3 2025 Google Play Store’s action signals South Korea’s increasing regulatory efforts within the cryptocurrency industry. According to a statement issued by the FSC, this action was taken at the specific request of the FIU, which is responsible for overseeing compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations for financial services operating within the country. Foreign VASPs are legally required to register with the FIU in order to operate within South Korea. This registration process ensures that these platforms adhere to the necessary regulations, which are designed to protect the integrity and reliability of the country’s financial system. For foreign exchanges such as KuCoin and MEXC, operating in South Korea without obtaining this mandatory registration has now led to tangible consequences. The inability for users to download or update these apps through the Google Play Store will directly affect those who previously relied on these platforms for trading digital assets. The ban on unregistered foreign VASP apps is expected to limit access for cryptocurrency traders based in South Korea. While users who had already downloaded the apps before the ban may still retain some functionality, they will no longer be able to receive updates to the applications. New users, however, are completely blocked from installing these apps from the Google Play Store. Related: Crypto Crackdown in South Korea: Upbit Suspended, Bithumb Investigated, Overseas Exchanges Face Action However, some concerns have been raised about whether such strict measures could drive investors and companies away from South Korea. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

South Korea court halts FIU sanctions on Dunamu, Upbit operator A South Korean court has temporarily halted the enforcement of a partial business suspension issued by financial authorities against Dunamu, the operator of the crypto exchange Upbit, according to Yonhap News

In South Korea, the number of domestic investors holding digital currencies such as Bitcoin has soared by more than 50% in the past year. The figure now stands at more than 9.6 million. Interestingly, one in four of these investors is over 50 years old. Furthermore, data received by Democratic Party lawmaker Ahn Do-jae from five domestic crypto exchanges—namely Upbit, Bithumb, Coinone, Korbit, and Gopax—shows that by the end of last year, there were more than 9.6 million active and tradable accounts. The previous year, the number was only around 6.3 million. This means that there are more than 3 million additional people trying their luck in the crypto world in just a year. The total amount of crypto assets they hold is truly impressive. Its value reaches more than 105 trillion won (about $77.78 billion). For comparison, that’s equivalent to buying more than 150,000 small apartments in Seoul . Not a number to be taken lightly, especially considering that most of the owners are not from institutions but retail investors. On the other hand, the age group that was previously considered far from technology is starting to catch up. Investors in their 50s are recorded at around 1.75 million people, an increase of more than half from the previous year. Meanwhile, those who have reached the age of 60, the number jumped from 371,800 to 636,700 people. It is possible that some of them follow their children or grandchildren, but in the end they actually make more money. What makes you shake your head is that many of these senior investors also fall into the “big player” category. Of the approximately 9,100 accounts with asset ownership of more than 1 billion won, almost half are owned by people over the age of 50. On average, these mature investors hold crypto assets worth 2.15 billion won per person. It is no wonder that more and more young people are starting to ask their fathers or even grandfathers to teach them how to trade. However, amid this rapid growth, the South Korean government is not sitting idly by. CNF reports that the country’s Financial Intelligence Unit (FIU) has begun cracking down on foreign crypto exchanges that are not yet officially registered. A few of the names under criticism are already familiar among the worldwide crypto community. Apart from love messages, the FIU has started restricting access to its websites running Korean domains. Roughly speaking, their cords have been taken out rather than they were only chastised. Local regulators are also increasingly vigilant about the potential misuse of crypto platforms for illegal purposes. Starting January 19, 2025, they will monitor transactions suspected of being related to illegal foreign exchange trading. It is not just one institution that is moving. Financial authorities, the Ministry of Justice, and the Central Bank of Korea will work together in this supervision. So for those who think they can smuggle money through digital wallets, you should think again. Apart from these tightening measures, South Korea is also preparing to launch a pilot project for a central bank digital currency (CBDC). Still from the CNF report , the Central Bank of Korea will start a CBDC trial in April 2025. The program will involve 100,000 participants and several major banks. Participants will later be able to convert their bank balances into digital tokens and use them to shop at certain merchants. The payment process will also be tested in a real-time system.

South Korean financial authorities are escalating their efforts to regulate the domestic cryptocurrency market by targeting overseas virtual asset exchanges that operate without proper registration. According to a local report, the Financial Intelligence Unit (FIU), under the Financial Services Commission, is preparing sanctions, including potential site access blocking, against several prominent international exchanges that have been servicing Korean users illegally. This move underscores South Korea’s commitment to enforcing the Specific Financial Information Act (Special Financial Information Act), which mandates that all virtual asset service providers (VASPs) operating within the country must register with the FIU. This legislation aims to protect Korean investors and prevent illicit financial activities within the digital asset space. The FIU is reported to have identified several exchanges, including Bitmex, Kucoin, Coinw, Bitunix, and KCEX, as targets for these sanctions. These platforms have reportedly been operating Korean-language websites, actively marketing to Korean investors, and providing customer support in Korean, all without the required registration. “These exchanges are clearly targeting Korean users, offering localized services without complying with our regulations. This poses a significant risk to our investors and undermines the integrity of our financial system,” stated an unnamed FIU official. In 2022, the FIU took similar action, requesting the Korea Communications Standards Commission to block access to 16 unregistered overseas exchanges. This initiative, coupled with cooperation from domestic card companies to restrict credit card transactions with these exchanges, led to the withdrawal of several platforms from the Korean market. 免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到[email protected]，本平台相关工作人员将会进行核查。

South Korea is reportedly targeting unregistered foreign exchanges like BitMEX and KuCoin for illegal operations, with access-blocking measures under consideration. South Korea ‘s financial authorities have begun taking action against several foreign crypto exchanges, including BitMEX and KuCoin , for offering services to Korean users without proper registration under the country’s Specific Financial Information Act. Korean authorities are considering sanctions against several foreign exchanges that have been providing services to South Korean investors without proper registration, according to a report by The Korea Economic Daily. A spokesperson for the Financial Intelligence Unit said the regulator is “reviewing access block measures for overseas exchanges that are still providing services to Korean investors through consultations with the Korea Communications Standards Commission.” According to the report, crypto exchanges BitMEX, KuCoin, CoinW, Bitunix, and KCEX are under scrutiny for running Korean-language websites and targeting South Korean users with marketing and customer support, all without registering as crypto businesses in the country. Under current rules, any company dealing with cryptocurrency trading, custody, or management in South Korea must register with the FIU, and failure to do so could lead to criminal penalties and sanctions. In 2022, the FIU requested the Korea Communications Standards Commission to block 16 unregistered foreign exchanges, including KuCoin, MEXC, and Poloniex, among others, which led to the withdrawal of many exchanges from the South Korean market. In February, the FIU revealed there are only 31 registered crypto trading firms in South Korea, down more than 26% from 42 in 2024. The delisted companies include GDAC, ProBit, Huobi Korea, and Bitrade, among others. In addition to business hurdles, many platforms failed to renew their registrations, thereby leading to their exclusion from the nation’s registry, the report notes.