Google's restriction on 17 unregistered crypto apps in South Korea has impacted foreign exchanges like KuCoin and MEXC, sparking quick reactions in the crypto community.
Impact on the Crypto Community
The public response to Google's action has been swift, underscoring worries about increasing regulation. Despite the lack of official comments from the involved exchanges, the potential impact on their South Korean client base is evident. Users face limitations on installing and updating apps, significantly reducing the accessibility of services offered by these foreign exchanges.
South Korea's Regulatory Actions
Google's recent action, prompted by the Financial Intelligence Unit (FIU) in South Korea, restricts access to 17 unregistered crypto apps on Google Play. 'We are currently reviewing measures to block access to undeclared overseas exchanges that provide services to domestic investors in consultation with the Korea Communications Commission,' an FIU official stated.
Market Data and Insights
In 2022, the FIU blocked 16 unregistered exchanges, setting a regulatory trend in South Korea now affecting Google Play restrictions. According to CoinMarketCap, the current price of the KuCoin Token stands at $11.30 with a market cap of approximately $1.39 billion as of March 26, 2025.
Increased regulatory pressure on unregistered crypto platforms in South Korea might trigger a reassessment of financial and operational strategies among crypto platforms globally.
