South Korean Google Play users lost access to 17 virtual asset service apps. These apps failed to get registration approval from the Financial Intelligence Unit.
Exclusion of Apps from Google Play
In South Korea, 17 virtual asset service applications, including KuCoin and MEXC, have been removed from Google Play. This decision is due to these platforms' failure to comply with the Financial Intelligence Unit's registration requirements necessary under local regulations.
Reasons Behind the Measures
South Korea is tightening its supervision over cryptocurrency exchanges. The lack of registration from foreign operators results in incomplete compliance with anti-money laundering and know-your-customer standards. These steps aim to protect the country's financial systems from corruption and other threats.
Impact on Users and Market
Former users face challenges as they have lost the ability to receive software updates. New users cannot install the applications, making access impossible. These measures restrict South Korean investors from accessing foreign cryptocurrency trading platforms.
Annual updates to South Korea's cryptocurrency regulations continue to intensify. The state requires operators to comply with laws to protect users and the financial sector. Compliance remains a critical element for operating in the South Korean market.
