South Korean regulators requested 14 apps from Apple — belonging to unreported foreign crypto operators — be blocked domestically, a statement said on Monday.
Crypto exchanges KuCoin and MEXC are among the firms being targeted by the regulator, and domestic access to their apps have been blocked since April 11.
A spokesperson from MEXC said that its app was no longer available on Apple App store and Google Play Store.
"MEXC respects local regulatory requirements and is currently reviewing the necessary measures to ensure alignment with relevant policies," a spokesperson said.
“We are closely monitoring regulatory developments across all jurisdictions, including South Korea, and will fully cooperate with any regulatory requirements," a spokesperson from KuCoin said.
Foreign virtual asset business operators that want to operate in South Korea need to report to the Financial Intelligence Unit (FIU) in accordance with the Act on Reporting and Use of Specific Financial Transaction Information, the statement said.
“Unreported business activities are subject to criminal punishment, and the FIU has been targeting overseas unreported virtual asset business operators conducting domestic business activities without reporting (16 companies in 2022, 6 companies in 2023), while also blocking domestic access through Internet sites and mobile phone apps,” the regulator said.
South Korea has been moving to block crypto providers that are operating illegally. Last month it requested Google prevent access to 17 apps while reports came out that the regulator planned to block some exchanges sites.
“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 organizations,” the Financial Intelligence Unit said.
Update (April 15, 2025, 15:03 UTC): Adds comments from KuCoin and MEXC.
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
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