South Korea Urges Apple To Remove Unregistered Crypto Apps

Not The First Ban

In a statement issued on Monday, the Financial Services Commission (FSC) revealed that Apple had blocked access to the apps of 14 “unregistered” foreign crypto service providers in South Korea starting April 11th, following a request from the Financial Intelligence Unit (FIU).

“The apps are no longer available for new installations, and existing users cannot receive updates,” the FSC explained in a translated statement.

Source: South Korean Financial Services Commission

This action comes after a similar ban on crypto apps in Google’s Play Store, which began on March 25th and also targeted platforms like KuCoin and MEXC.

Mandatory Registration

The FIU, an agency focused on preventing money laundering and financing of terrorism, mandates that foreign crypto service providers must register with it before offering services in South Korea.

Non-compliance is a criminal offense, punishable by up to five years in prison or a fine of up to 50 million Korean won (around $35,120), according to the statement.

At the same time, local banks and crypto exchanges are gearing up to cater to institutional clients, as regulators start to relax restrictions on corporate investments in crypto assets.