Crypto Cleanup: Apple Drops 14 Unlicensed Exchanges in South Korea

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South Korean authorities have removed 14 unregistered cryptocurrency exchange apps from the Apple App Store, intensifying their crackdown on illegal digital asset platforms.

Among those affected are major exchanges KuCoin and MEXC, which were also blocked on Google Play on March 26.

Also read: Japan Targets Crypto Apps, Apple & Google Alerted

The Financial Services Commission (FSC) announced the App Store removals on April 11, citing regulatory breaches and financial crime risks. These actions are part of a broader effort to combat unregistered Virtual Asset Service Providers (VASPs) operating without proper approval.

Coordinated Regulatory Action

The FSC collaborated with the Financial Intelligence Unit (FIU), the nation’s anti-money laundering agency, to implement these measures. The agencies are continuing their efforts to block both mobile apps and websites of unregistered crypto platforms to prevent potential money laundering and protect users.

Operating as an unregistered VASP in South Korea is a criminal offense, punishable by up to five years in prison and fines exceeding 50 million Korean won (approximately $35,200).

Also read: Best App to Trade Crypto Futures: Fast, Secure & Feature-Packed

Apple App Store Purge Targets Unregistered Crypto Platforms

The Apple App Store clampdown coincides with a significant rise in cryptocurrency adoption in South Korea.

As of March 31, more than 16 million usersâ€”over 30% of the populationâ€”were registered with local crypto exchanges. Analysts expect this figure could surpass 20 million by the end of 2025.

Additionally, recent disclosures revealed that over 20% of South Korean public officials hold digital assets. Their combined holdings, valued at around $9.8 million as of late March, span a variety of coins including Bitcoin (BTC), Ether (ETH), XRP, and Dogecoin (DOGE).

Pressure on Global Platforms

The FSC has identified 22 unregistered crypto exchanges serving South Korean users, with 17 already removed from Google Play and 14 from the Apple App Store.

These developments send a clear message: global platforms must comply with local regulations or risk being shut out of key distribution channels.

Also read: Top Stock Trading Apps

Since 2022, the FIU has cracked down on dozens of unlicensed crypto businesses, blocking access to their websites and apps within South Korea.

With the country representing one of the world’s most active crypto markets, international exchanges are being forced to reevaluate their compliance strategies to maintain access.

Further underscoring the governmentâ€™s commitment to oversight, South Korea is also working to make its crypto crime task force a permanent agency. This move follows a series of high-profile incidents, including a public official misusing disaster relief funds for crypto trading and a fake mining operation in Gwangju that was actually running an illegal gambling scheme.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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