Google Play to ban overseas crypto exchanges from South Korea store

South Korea’s Google Play Store will ban unregistered overseas cryptocurrency exchanges and software wallets from being listed or updated in the country.

According to Google’s official policy page on crypto exchanges and wallet providers, platforms and developers must register as a virtual asset service provider with the Korea Financial Intelligence Unit (FIU) to remain eligible on the app marketplace.

Due to this update, Android users in South Korea will no longer be able to download or update apps for unregistered overseas cryptocurrency exchanges, such as Binance, from the Google Play Store starting Jan. 28.

As of today, only 27 domestic platforms, including major exchanges Upbit and Bithumb, have completed registration with the FIU. Prominent global exchanges, such as Binance, Bybit, and OKX, have not registered with Korean authorities, meaning their apps will be effectively blocked from new installations and updates in the region’s Google Play Store.

Registration with local authorities is deemed nearly impossible for overseas exchanges, as it involves rigorous efforts to obtain local security and anti-money laundering certifications.

Meanwhile, web-based access to these exchanges remains possible through desktop and mobile browsers, allowing continued use without the need for a native app. Still, there is a possibility that restrictions could eventually extend to web access or even to Apple’s App Store in the future.

This change builds on earlier regulatory actions from South Korea. Authorities have previously prohibited unregistered foreign platforms from offering Korean-language support, conducting marketing targeting Koreans, or handling transactions in Korean won.

Impact

Local media organization News1 reported that this may have a serious impact on global exchanges, noting that many South Korean retail investors rely on overseas platforms for higher leverage, arbitrage opportunities, and access to a wider range of token listings.

Digital Asset, a local news outlet, reported that South Korean crypto community members are circulating ways to bypass the upcoming Play Store ban, including the use of VPNs and downloading apps in APK format. However, the report noted that these workarounds significantly increase security risks for users.

South Korea maintains one of the largest and most active crypto markets globally, with over 10 million active users — roughly 20% of the country’s 50 million population.

According to official data from the Financial Services Commission, the South Korean crypto market had a capitalization of 95 trillion won ($64.6 billion) as of June 2025, with an average daily trading volume of $4.35 billion.