Michaela
South Korea’s Financial Intelligence Unit (FIU) has ramped up its crypto crackdown by blocking access to 14 unregistered foreign crypto apps on Apple’s App Store, targeting platforms serving local users without proper approval.
As part of a wider enforcement effort, the FIU blocked access to 14 unregistered crypto apps on the Apple App Store — including major global exchanges like KuCoin and MEXC — citing regulatory non-compliance.
South Korea’s Financial Services Commission (FSC) has labeled the exchanges as unregistered virtual asset service providers (VASPs), deeming their operations illegal in the country. The FSC’s anti-money laundering body, the FIU, announced that it will maintain its efforts to block access to the mobile apps and websites of unregistered platforms to curb financial crime and safeguard users.
The FSC reported that, at the FIU’s request, Apple Korea took swift action on April 11, restricting new user access in South Korea and halting updates for existing users.
South Korea Continues Cracks Down on Unregistered Crypto Apps
As part of its ongoing enforcement efforts, the FIU requested Google on March 25 to block 17 unregistered VASP apps, including several that were later restricted on the Apple App Store.
The dual-platform crackdown is an escalating effort to tighten South Korea’s crypto regulations, targeting loopholes that enable unregistered exchanges to access local users. This strategy aims to reinforce the country’s strict licensing regime by addressing platforms that operate outside its legal framework.
As of March 2025, authorities have initiated several investigations into foreign exchanges suspected of operating unlawfully in South Korea. Platforms such as KuCoin, CoinW, Bitunix, BitMEX, and KCEX are under scrutiny for continuing to provide services to South Korean users without the necessary registration. In an effort to enhance public awareness, the FIU has made a list of registered VASPs publicly available on its website.
To meet registration requirements, platforms must offer services in Korean, support transactions denominated in Korean won, and run marketing campaigns targeting South Korean residents. Non-compliant platforms face significant penalties, including fines of up to 50 million won and prison sentences of up to five years.
South Korean users are urged to check the registration status of platforms and withdraw any funds from unregistered services to minimize potential risks.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
