Amid tight monitoring of crypto trading in South Korea, Apple has taken a big step and removed 16 foreign crypto exchange apps including KuCoin, MEXC from its Korean App Store. The action was taken on the instructions of Korea’s Financial Intelligence Unit (FIU), which has found these apps guilty of offering crypto services in the country without local registration.
Table of Contents
- Why Apple Removed the Crypto Apps
- Role of South Korea’s Financial Intelligence Unit (FIU)
- List of Affected Crypto Exchanges
- Legal Framework for Crypto Services in South Korea
- Impact on iOS Users in South Korea
- Google’s Position – Still Unclear
- Reactions from the Affected Exchanges
- Expert Opinions and Global Implications
- Conclusion: A Wake-Up Call for Global Crypto Platforms
The FIU clarified that these crypto platforms had not only created websites in the Korean language targeting Korean users, but also conducted transactions and marketing campaigns in South Korean Won (KRW). This proves that these companies were commercially active in Korea even though they had not received the necessary registration for legitimate operations in the country.
According to South Korea’s legal system, anyone who wants to offer virtual asset services in the country is required to register with the FIU. Those who ignore the rules can face up to five years in prison or a fine of up to 50 million won.
Apple’s action comes after the FIU identified 16 exchanges and urged Google and Apple to remove their apps. However, there has been no official confirmation from Google whether it has removed these apps or not.
After this move, South Korean users will no longer be able to download these apps on iOS and it will also not be possible to update the already installed apps. This may cause problems in the security and transactions of users.
Although major exchanges like KuCoin and MEXC have not yet reacted to this, the incident is a strong indication that global crypto exchanges are required to comply with the local rules of every country.
Experts believe that this decision may inspire other countries to take steps in this direction in the future. South Korea has already taken action against major platforms like Binance and has implemented strict guidelines for Virtual Asset Service Providers (VASP).
This development is a huge message not only in Korea but also in the global crypto exchange market that regulatory bodies will no longer tolerate any irregularities in the crypto sector.
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