Major platforms like KuCoin and MEXC pulled from app stores
South Korea’s Financial Services Commission (FSC) has ordered the removal of over 30 crypto exchange apps from Apple’s App Store and Google Play for failing to register with the country’s Financial Intelligence Unit (FIU). The enforcement, which affected apps including KuCoin, MEXC, Poloniex, and BitMart, is part of an ongoing campaign to eliminate unauthorized foreign platforms serving Korean users.
Google implemented the takedown on March 25, while Apple complied on April 11, according to a notice published Monday by the FSC. The regulator identified the apps as “unreported foreign virtual asset operators,” a designation for exchanges that have not received FIU registration despite targeting the Korean market.
Harsh penalties for non-compliance
Under South Korea’s virtual asset law, exchanges must register if they offer services to Korean users, accept local currency, or operate a Korean-language platform. Failure to comply can result in up to five years in prison or a fine of 50 million won (approximately $36,000).
The crackdown reflects South Korea’s hardening stance toward crypto oversight. Since 2022, the FSC has blocked at least 36 foreign exchanges, while also proposing the creation of a permanent crypto crime investigation unit following a series of high-profile scandals.
Crypto crime and enforcement context
The regulatory move follows multiple legal cases involving crypto-related misconduct. These include a civil servant jailed for embezzling public funds for crypto trading and a Gwangju-based operation that turned out to be an illegal gambling front disguised as a mining facility.
Only 28 crypto firms are officially registered with the FSC. The regulator also issued a public warning, reminding users of the risks associated with unregistered platforms, including fraud, lack of consumer protections, and frozen withdrawals.
