Apple Removes KuCoin, MEXC, and 12 Other Crypto Exchange Apps in South Korea

Key Takeaways:

• South Korea’s Financial Intelligence Unit has urged Apple to block 14 apps from foreign, unregistered virtual asset operators.

• Last month, the regulator also requested Google to block 17 apps and is reportedly planning to restrict access to certain exchange sites.

South Korean regulators have intensified their efforts to control unregistered foreign cryptocurrency exchanges by requesting Apple to remove 14 apps from its App Store. Among the affected platforms are prominent exchanges such as KuCoin and MEXC. These exchanges were allegedly operating without proper registration, violating South Korea's financial regulations. As a result, users in South Korea can no longer download or update these apps.​

This move follows a similar action by Google Play in March, which blocked 17 unregistered crypto exchange apps. The Financial Services Commission (FSC) and the Financial Intelligence Unit (FIU) have emphasized that foreign virtual asset service providers must register with the FIU to operate legally in South Korea. Non-compliance can lead to severe penalties, including up to five years in prison or fines up to 50 million won (approximately $35,200).​

The crackdown is part of South Korea's broader strategy to protect consumers and prevent illegal activities such as money laundering. With cryptocurrency adoption surpassing 16 million users—over 30% of the population—the government aims to ensure that only registered platforms operate within its borders. The FIU has indicated that it will continue to block access to unregistered exchanges' apps and websites to safeguard users and maintain financial stability.​