Google Play Store Ban 17 Unregised Crypto Exchanges in South Korea

South Korea is investigating the legal level in the crypto business, so that investors can be connected only to the authorized firms. This week, Google Play, following a regulatory instructions, blocked 17 foreign Crypto Exchange including Kucoin on Android devices in the country. Existing users will no longer get the app updates. Meanwhile, the Financial Intelligence Unit (FIU) is discussing the removal of non -registered Crypto Business App from the App Store with Apple, which will further strict rules.

South Korea's Financial Service Commission (FSC) has seen 22 crypto platforms working without legal registration. Among them, 17 exchanges including Kucoin, Mexc, Phemex, Bittrue, Bitglobal, Coinw and Coinex have been banned on the Google Play Store, which Confirmation FSC has done. Financial Supervisory Service (FSS) oversees registration related to crypto in the country. Crypto business not registered is a lack of government security, which threatens investors.

At present, it is not clear whether the compliance for the Ekol -affected exchange will decide whether or not and the next steps for these platforms are still not clear. South Korean is interacting with Apple to ban non -registered Crypto Business App from Autorized App Store. FIU and Korea Communication Standard Commission are also working together to identify and take action against non -registered crypto businesses. The FSC has warned that KRW can be fined 50 million (about 29 lakh rupees) or a jail for five years on the owners of the non -registered crypto firm.

FIU has released a list of registered crypto platforms on its homepage, allowing traders to connect with only legally recognized firms. As of 22 March, the list includes 28 official registered platforms. South Korea has taken big steps to further define its web3 ecosystem. South Korea has recently implemented the Virtual Asset User Protection Act to strengthen the Investors Security Rules. Both Google and Apple have seen the risky crypto apps on the Play Store and App Store many times.