South Korean Regulators Request Apple to Block 14 Crypto Apps

Crypto exchanges KuCoin and MEXC are among the firms being targeted by the regulator, and domestic access to their apps have been blocked since April 11.

South Korean regulators requested 14 apps from Apple be blocked domestically, belonging to unreported foreign crypto operators, a statement from the Financial Intelligence Unit said on Monday.

The regulator is targeting crypto exchanges KuCoin and MEXC, among others, and domestic access to their apps has been blocked since April 11, a copy of a request to Apple obtained by CoinDesk showed. CoinDesk reached out to KuCoin and MEXC.

Foreign virtual asset business operators that want to operate in South Korea need to report to the FIU in accordance with the Act on Reporting and Use of Specific Financial Transaction Information, the statement said.

“Unreported business activities are subject to criminal punishment, and the FIU has been targeting overseas unreported virtual asset business operators conducting domestic business activities without reporting (16 companies in 2022, 6 companies in 2023), while also blocking domestic access through Internet sites and mobile phone apps,” the regulator said.

South Korea has been moving to block crypto providers that are operating illegally. Last month it requested Google prevent access to 17 apps while reports came out that the regulator planned to block some exchanges' sites.

“In the future, FIU will continue to block domestic access through mobile applications (apps) and Internet sites of overseas unreported virtual asset operators in order to prevent money laundering risks and user damage, in consultation with relevant organizations,” the Financial Intelligence Unit said.