Apple has urgently removed 14 dangerous cryptocurrency trading applications from its App Store following concerns raised by the South Korean government regarding potential fraud and financial instability. This action mirrors a recent move by Google, which also delisted 17 similar apps from its Play Store. iPhone users who may have installed these applications are now at risk of having their personal information compromised and facing financial losses due to fraudulent investment schemes.
The removal of these apps was prompted by instructions from the South Korean Financial Service Commission (FSC), which has taken legal action against a total of 22 crypto platforms, including 17 foreign exchanges. The FSC stated that these applications were available on both the Google Play Store and Apple App Store without the necessary legal licenses to operate within South Korea. This lack of regulatory oversight posed a significant threat to investors.
Notably, many of the removed applications were already banned in India before this action. The list of prohibited apps includes prominent names such as Binance, KuCoin, Huobi, Kraken, Gate.io, Bitstamp, MEXC Global, Bittrex, and Bitfinex. These platforms have been unavailable on both the Google Play Store and Apple App Store in India due to regulatory concerns.
The South Korean FSC had issued a stark warning about the potential dangers associated with these unlicensed crypto platforms. The regulatory body highlighted the significant risk of investors’ personal information being leaked. Furthermore, there were serious concerns about the security of investments made through these apps, with the possibility of funds being lost due to the lack of government protection and oversight. The FSC also pointed out the absence of adequate anti-money laundering management and supervision, raising fears of illicit financial activities.
Following the regulatory instructions from South Korea, Apple has now removed 14 foreign crypto exchange apps from its App Store. These include:
And others (total of 14)
iPhone users who have installed any of these applications are strongly advised to remove them immediately to mitigate the risk of fraud, data breaches, and potential financial losses.
The removal from the App Store signifies the inherent dangers associated with these unlicensed platforms.
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