Overview
- Starting Jan. 28, unregistered crypto exchange and wallet apps will be removed from South Korea’s Google Play listings for new downloads and updates, according to Coindoo.
- The requirement hinges on registration with the Korea Financial Intelligence Unit, with only VASP‑licensed providers allowed to maintain Android apps.
- Just 27 domestic platforms have completed registration, including Upbit and Bithumb, while major overseas exchanges such as Binance, Bybit, and OKX remain unregistered.
- Korean users can still access foreign exchanges via mobile web or by sideloading APKs, but bypassing Play protections increases exposure to malware and phishing, cybersecurity experts warn.
- Market analysts expect local exchanges to gain share, and some foreign firms may pursue licensed partnerships like the Binance–Gopax model, though derivatives offerings remain prohibited under Korean rules.