News 
April 14, 2025 
4 min. 
Weeks after Google blocked 17 crypto exchanges, South Korean regulators took similar action on Apple’s App Store. Following Google’s ban on 17 crypto apps, South Korea also cracked down on Apple’s App Store
On April 11, the Financial Services Commission (FSC) removed 14 cryptocurrency exchanges from Apple’s platform, including major players like KuCoin and MEXC.
The FSC released an official report on April 14, stating that these platforms operated illegally as unregistered overseas virtual asset service providers.
In response, the Financial Intelligence Unit (FIU) pledged to continue blocking the apps and websites of such unregistered entities. Their goal is to protect users and curb money laundering.
This latest enforcement mirrors Google Play’s March 26 action, where authorities removed several unregistered crypto apps. KuCoin and MEXC were also among the targets in that sweep.
At the time, the FSC published a list of 22 unregistered operators and confirmed that 17 were already banned on Google’s marketplace.
The FSC confirmed that users in South Korea can no longer download these apps from the Apple Store. On top of that, existing users won’t receive future updates.
Besides, the regulator reminded the public that operating crypto exchanges without proper registration constitutes a criminal offence. Violators could face up to five years in prison or fines of up to 50 million won (approximately $35,200).
FIU Eyes Tougher Sanctions for Unregistered Crypto Operators
The FIU, in collaboration with the FSC, is actively exploring stricter penalties against virtual asset service providers (VASPs) operating without proper registration.
On March 21, local news outlet Hankyung reported that authorities were considering blocking access to the apps of non-compliant crypto firms.
South Korean law requires all crypto-related businesses—such as those involved in trading, custody, or brokerage—to register with the FIU.
Therefore, if firms fail to comply, they may face serious consequences, including financial penalties and service restrictions.
Meanwhile, this regulatory clampdown comes as crypto adoption hits record levels in South Korea.
By March 31, over 16 million citizens—more than 30% of the population—had become active users of cryptocurrency exchanges.
Experts believe this number could exceed 20 million by the end of 2025, reflecting the rapid mainstream acceptance of digital assets.
In a related update from March 27, officials disclosed that over 20% of South Korean public servants hold cryptocurrencies. Their combined digital asset holdings were valued at approximately $9.8 million. These included Bitcoin (BTC), Ether (ETH), XRP, and Dogecoin (DOGE).
