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South Korea Blocks 31 Crypto Exchange Apps in Regulatory Crackdown

The Financial Intelligence Unit targets unregistered foreign platforms, including KuCoin and MEXC, to combat money laundering risks and enforce compliance.

(Daniel Bernard/Unsplash)
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Overview

  • South Korean regulators have blocked 14 crypto exchange apps on Apple’s App Store and 17 on Google Play, effective April 11 and March 25, respectively.
  • The crackdown targets unregistered foreign virtual asset operators, including major platforms like KuCoin, MEXC, Poloniex, and BitMart.
  • Under South Korean law, foreign crypto operators must register with the Financial Intelligence Unit (FIU) to legally operate domestically.
  • Violations can result in severe penalties, including up to five years in prison or fines of up to 50 million won (approximately $36,000).
  • KuCoin has expressed its commitment to compliance and willingness to cooperate with South Korean authorities following the enforcement actions.