Google Play has recently restricted access to a number of foreign crypto exchanges in South Korea, following the country's financial regulator's directives.
Rationale Behind the Ban
South Korea's Financial Conduct Authority has strongly advised Google to limit access to 17 foreign crypto exchanges. A key reason is the rise in illegal crypto activities and the lack of proper registration of these exchanges within the country.
Historical Context of Restrictions
This marks the third instance of South Korea imposing bans on crypto applications. In 2022, 16 applications were blocked, and in 2023, six more were restricted. Despite such crackdowns, the nation has provisions for legal registration of foreign exchanges.
Surge of Crypto Crimes in South Korea
The peak in crypto-related crimes has led authorities to tighten measures. In March 2025, a military academy teacher was sentenced to two years for stealing cryptocurrency from students. Additionally, a dedicated crime unit was launched to combat cryptocurrency scams. Predictions suggest that the number of crypto users in South Korea could reach 15.6 million by 2025 and over 20 million by 2027.
South Korea's initiatives regarding cryptocurrency companies strengthen market oversight to reduce criminal activities in this sector. The country continues to move towards structuring and regulating the crypto market in line with global trends.
