South Korea blocks 14 crypto exchanges on Apple Store — Report

South Korea has blocked 14 unregistered cryptocurrency exchange apps, including popular platforms KuCoin and MEXC, from the Apple App Store as part of an intensified regulatory crackdown.

The country’s Financial Services Commission (FSC) requested Apple to restrict domestic access starting April 11, 2025, following a similar move by Google Play in March that blocked 17 crypto apps.

These exchanges were operating without registering as virtual asset service providers (VASPs) with South Korea’s Financial Intelligence Unit (FIU), which is a legal requirement for any platform selling, storing, or brokering cryptocurrencies in the country.

As a result of the ban, South Korean users can no longer download these apps from the Apple Store, and existing users will be unable to update them.

The FSC emphasized that unregistered business activities are criminal offenses punishable by up to five years in prison and fines up to 50 million won (about $35,200).

This regulatory action aims to prevent money laundering risks, protect users from potential fraud, and tighten oversight of the digital asset market.

The FSC has pledged to continue blocking access to apps and websites of overseas unreported virtual asset operators to safeguard the domestic market.

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