After Google, Apple asked by South Korea to block some crypto exchange apps

South Korea’s financial regulator has asked Apple to block 14 cryptocurrency exchange apps and stop domestic access to them, citing the companies’ unreported status.

The move comes after Google asked to block 17 apps by Korea’s Financial Services Commission in a similar move last month.

Per a translation of the official notice, the regulator said that on its request, Apple blocked domestic access to overseas unreported virtual asset operators through Apple apps.

KuCoin and MEXC are two well-known cryptocurrency exchanges included as part of the regulator’s block request. This means installing the apps will no longer be possible, and existing users may not receive key updates.

While South Korea has an active crypto trading culture, its regulations require exchanges to report themselves as virtual asset operators and comply with local laws. Many crypto investors also use exchanges operating in South Korea to maximise their profits through the currency-related price differences observed on these platforms.

“In the future, in order to prevent money laundering risks and user damage, FIU will continue to block domestic access through mobile applications (apps) and internet sites of overseas unreported virtual asset operators through consultation with relevant organisations,” noted the regulator in its statement, highlighting dangers such as users being hacked.

South Korea’s Financial Services Commission noted there were 28 virtual asset operators that were legally reported, and that users should check the status of their own crypto exchanges through the www.kofiu.go.kr website.