South Korea intensifies its grip on cryptocurrencies by blocking foreign platforms through Google.
Google Blocks 17 Crypto Exchanges
At the request of South Korea’s Financial Intelligence Unit, Google has started blocking access to 17 crypto exchange apps in the country. Users in South Korea can no longer download or update apps from major global exchanges like KuCoin, MEXC, Phemex, Poloniex, and BitMart. The Financial Services Commission explained that these platforms were operating without proper licenses while actively targeting Korean traders.
A Move to Prevent Fraud and Money Laundering
The South Korean government is striving to protect investors and prevent illegal financial activities. Authorities believe blocking these exchanges will help reduce financial risks, stop potential fraud, and prevent money laundering. South Korea has some of the strictest crypto rules globally, requiring exchanges to register and meet strict guidelines. Any exchange that fails to do so is either restricted or banned.
What This Means for Crypto Traders
For South Korean traders, this decision is a major change. Many investors rely on these global platforms for access to different cryptocurrencies and trading options. Some might try to bypass restrictions using VPNs or alternative platforms, but the crackdown shows that the government is serious about enforcing its rules.
This move by South Korea could set an example for countries considering similar actions. With increased scrutiny from regulators worldwide on the crypto industry, more governments might follow South Korea’s lead in tightening controls on digital assets.
