17 crypto trading apps have been removed from Google Play in South Korea following a request from local regulators.
On March 26, the Financial Services Commission (FSC) released a list of unregistered exchanges, which confirmed that these apps can no longer be downloaded or updated through the Android store.
The goal of this action is to reduce the risk of money laundering and protect users from financial harm.
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Under South Korean law, any company offering digital asset services must register with the authorities. This is required under the Act on Reporting and Using Specified Financial Transaction Information.
The exchanges affected include KuCoin
$650.28M
, MEXC
$2.54B
, BTCC
$3.7B
, CoinEX
$220.73M
, Phemex
$118.04M
, XT.com
$938.65M
, CoinW
$1.39B
, ZoomEX
$447.22M
, Poloniex
$697.25M
, DigiFinex
$967.28M
, Pionex
$2.16B
, Blofin
$22.62M
, CoinCatch
$64.7M
, WEEX
$1.12B
, BitMart
$977.59M
, Biture , and Apex Pro. According to officials, these services were operating in South Korea without meeting the country’s legal requirements.
Additionally, the Financial Intelligence Unit (FIU) is working with Apple Korea and the Korea Communications Standards Commission (KCSC) to block access to these exchanges on the App Store and through websites.
The FIU, which is part of the FSC, said on March 21 that it was reviewing possible action against companies that had not followed the local reporting rules.
Meanwhile, on March 20, South Korean authorities investigated Bithumb, a cryptocurrency exchange. What happened? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
