Google Play has implemented the restrictions of access to 17 unregistered crypto exchanges aimed at local users in South Korea at the request of regulators of the country.
On March 21, the Financial Intelligence Unit (FIU) of the Korean South Financial Services Commission (FSC) said that it was considering sanctions against operators who did not report to the competent authorities.
The authorities require that virtual asset service providers (VASP) will realize regulators under the country’s specified financial information law.
At the time, the CRF said it was coordinating with Korea Communications Standard Commission (KCSC), the regulator in charge of the Internet, on how they could block access to exchanges.
On March 26, the FSC published a list of 22 unregistered platforms, highlighting 17 which had been blocked on the Google Play Store. This decision limited to new downloads and updates for affected applications, effectively limiting user access.
A list of 22 operators abroad, highlighting the 17 blocked exchanges. Source: FSC
Google Play restricts access to 17 unregistered exchanges
The FSC said that the 17 exchanges highlighted on the list were now limited in the Google Play Store. This means that their applications will not be available for new users to download and install. In addition, existing users will not be able to access updates from applications.
Exchanges in the list of access restrictions include: Kucoin, Mexc, Phemex, XT.com, Bite, Coinw, Coinex, Zoomex, Poloniex, BTCC, Digifinex, Pionex, Blufin, Apex Pro, Coincatch, Weex and Bitmart.
The FSC expects this decision to help prevent money laundering by using cryptographic assets and potential future damage to local users. The CRF said that it also coordinates with Apple Korea and the KCSC to block access to the Internet and the App Store for exchange platforms.
Kucoin previously declared at Cointtelegraph that he monitored regulatory developments in all jurisdictions, including South Korea. The exchange said that compliance was essential to the sustainable growth of cryptography. However, the exchange did not provide detailed information on its plans for South Korea.
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South Korean exchanges are faced with controversies
The actions of the South Korean regulators for unregistered exchanges follow the increased failure in the country of cryptographic trading platforms.
On March 20, the office of prosecutors of the southern district of Seoul made a descent into the offices of Bithumb in the country, while the prosecutors suspected a financial fault involving the former CEO of the exchange. Prosecutors suspected the member of the Bithumb Kim Dae-Sik Board of Directors of the use of business funds to buy a personal apartment.
In addition, a Wu Blockchain report paid intermediaries to list the tokens projects on Bithumb and Upbit surfaced. In response to the report, Upbit asked for the publication of the identity of cryptographic projects which claimed to have paid intermediaries to list.
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