Apple has restricted domestic access to 14 crypto apps in South Korea following a request from South Korea's Financial Intelligence Unit (FIU), an anti-money laundering agency. This action targets foreign businesses providing virtual asset services, accused by the FIU of operating unregistered, including recognized exchanges such as KuCoin and MEXC.
Previously, Google Play took similar action by removing 17 crypto-related apps in March at the FIU's request. The affected apps are no longer available for download, and existing users cannot receive updates.
The FIU has highlighted risks associated with unregistered platforms, such as personal data breaches and potential use for money laundering. According to South Korean law, foreign virtual asset operators must register if they conduct business with Korean users, accept Korean Won, or advertise to Korean consumers.
Despite these crackdowns, South Korea's domestic crypto market is thriving. Over 16.29 million account holders, nearly one-third of the population, have accounts on major domestic exchanges like Upbit, Bithumb, and Coinone. Meanwhile, regulatory perspectives are also evolving.
The Financial Services Commission recently announced a plan to initiate a pilot program, allowing 3,500 corporate entities to start investing in crypto by the end of 2025. The FIU emphasized its commitment to continuing the blockage of unregistered platforms to protect users and prevent unlawful financial activities.
