Source: Cointelegraph Original: "{title}"

Google Play has implemented access restrictions on 17 overseas cryptocurrency exchanges that target local users in South Korea but are not registered, at the request of Korean regulators.

On March 21, 2025, the Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) of South Korea stated that it is considering sanctions against operators who have not reported to the relevant authorities.

According to South Korea's Specific Financial Information Act, authorities require Virtual Asset Service Providers (VASP) to report to regulators.

At that time, the FIU indicated that it was coordinating with the Korea Communications Standards Commission (KCSC), which is responsible for internet regulation, to explore ways to block access to these exchanges.

On March 26, the FSC released a list of 22 unregistered platforms, highlighting the 17 that have been banned from Google Play. This move restricts new downloads and updates for the affected applications, effectively limiting user access.

The list of 22 overseas operators, highlighting the 17 exchanges that have been blocked from access. Source: FSC

The FSC stated that the 17 exchanges highlighted on the list are now restricted in the Google Play store. This means new users will not be able to download and install these applications. Additionally, existing users will not be able to receive updates for the applications.

The exchanges on the access restriction list include: KuCoin, MEXC, Phemex, XT.com, Biture, CoinW, CoinEX, ZoomEX, Poloniex, BTCC, DigiFinex, Pionex, Blofin, Apex Pro, CoinCatch, WEEX, and BitMart.

The FSC expects this move to help prevent money laundering activities using crypto assets and potential future harm to local users. The FIU also stated that it is coordinating with Apple Korea and KCSC to block internet and App Store access to these exchange platforms.

KuCoin previously told Cointelegraph that it is monitoring regulatory developments in all jurisdictions, including South Korea. The exchange stated that compliance is crucial for the sustainable growth of cryptocurrency. However, the exchange did not provide details about its plans in South Korea.

The actions taken by Korean regulators against unregistered exchanges come amid a backdrop of increased scrutiny of cryptocurrency trading platforms in the country.

On March 20, the Southern District Prosecutors' Office in Seoul raided Bithumb's office in South Korea, with prosecutors suspecting financial misconduct by the exchange's former CEO. Prosecutors suspect that Bithumb board member Kim Dae-sik used company funds to purchase a personal apartment.

Additionally, Wu Blockchain reported that intermediaries are charging fees to list token projects on Bithumb and Upbit. In response, Upbit has requested the disclosure of the identities of cryptocurrency projects that claim to have paid listing fees to intermediaries.

Related: Former Bithumb CEO suspected of embezzling $2 million, South Korea raids the platform

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