Apple has restricted domestic access to 14 South Korea’s crypto apps in response to requests from anti-money laundering agencies from the South Korean Financial Information Unit (FIU). It was intended for foreign companies that provided virtual asset services that FIU accused of being an unregistered operation, including certified exchanges and MEXC.
Google Play has taken similar steps before, reporting that it removed 17 crypto-related apps in March on a request from the FIU. The affected apps cannot be downloaded and existing users cannot get updates.
FIU noted that unregistered platforms can create risks such as personal data breaches, hacking, and use them for money laundering. Under Korean law, foreign virtual asset operators must register when doing business with Korean users.
Despite these crackdowns, South Korea’s domestic crypto market is booming. 16.29 or more account holders, or nearly a third of the population, have opened accounts or user accounts in major domestic exchanges for Upbit, Bithumb, and Coinone. At the same time, regulatory attitudes are also changing.
The Financial Services Commission recently announced that it will launch a pilot program to enable 3,500 business institutions to begin investing in crypto at the end of 2025. FIU said it will continue to block unregistered platforms to protect users and prevent illegal financial activities.