South Korea’s top financial regulator has blocked 14 crypto platforms — including KuCoin and MEXC — from Apple’s App Store as the country tightens its oversight of the nascent industry.
In a statement released Monday, the Financial Services Commission said that Apple had blocked domestic access to apps of 14 “unregistered” foreign crypto services providers starting from April 11 at the request of the Financial Intelligence Unit. “The apps can no longer be newly installed, and existing users cannot receive updates,” the FSC said in a translated statement.
The regulator’s move followed a similar ban on crypto apps in Google’s Play Store starting March 25, which also targeted platforms including KuCoin and MEXC.
The FIU, an agency dedicated to combating money laundering and terrorist financing, requires foreign crypto service providers to register with it before conducting business in South Korea. Failure to comply is considered a criminal offense, punishable by up to five years in prison or a fine of up to 50 million Korean won ($35,120), according to the statement.
Meanwhile, local banks and crypto exchanges are preparing to serve institutional clients as regulators begin to ease restrictions on corporate investment in crypto assets. Major banking institutions have also called for greater regulatory flexibility in their collaborations with crypto firms.
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