South Korea has recently taken a firm stance against unreported foreign virtual asset operators, leading Apple to block access to 14 apps from such crypto exchanges. This move comes after the country banned 17 crypto sites through Google last month. The Financial Intelligence Unit (FIU) of South Korea announced on 14th April that Apple had complied with their request to block access to these apps, including popular exchanges like KuCoin and MEXC.
The FIU stated that these exchanges were operating in the country without proper reporting to authorities, which could result in a $35K fine and an internet and app access ban for domestic activities. The regulator emphasized the importance of preventing money laundering risks and protecting users from potential damage caused by unregulated crypto exchanges.
In addition to KuCoin and MEXC, other blocked crypto exchange sites and apps include Blofin, Coins, Bitglobal, and BitMart. South Korea is committed to cracking down on unreported virtual asset operators to ensure a safe and transparent crypto trading environment for its citizens.
Despite these strict measures, South Korea is also considering regulatory clarity and legislation in Q3 2025 to promote institutional crypto investments in the country. Top regulators have even suggested the adoption of Bitcoin ETFs if Japan greenlights such products. This move could position South Korea as a competitive hub for global crypto investments, challenging other major players in the region like Singapore and Hong Kong.
Overall, South Korea’s actions reflect a growing trend towards regulatory oversight in the crypto industry, with a focus on protecting investors and preventing illicit activities. As the country continues to navigate the complex landscape of digital assets, it is poised to set a new standard for responsible crypto trading practices in the global market.