South Korea extends the ban on applications for digital asset companies that maintain its citizens. On April 11, the country’s financial services committee (FSC) announced that 14 crypto exchanges were blocked on the Apple Store. Among the affected exchanges are Kucoin and Mexc.
The report, which was made public on April 14, indicates that the prohibited scholarships would have been operational as an unregistered virtual asset operator. The report also indicates that the Institution of Financial Analysis (FIU) will continue to promote the blocking of applications and websites of these operators to prevent money laundering and user damage.
The application for blocking applications on the Apple Store occurs after Google Play blocked access to several exchanges not recorded on March 26. Kucoin and Mexc were also targeted when blocking Google Play applications. The FSC has published a list of 22 unregistered platforms operating in the country, including 17 already blocked on the Google market.
The 17 exchanges of crypto blocked on Google Play. Source: FSC
According to the FSC report, users will not be able to download apps on the Apple Store, while existing users will not be able to update applications. The FSC notes that “unconce been declared commercial activities are questions of criminal sanction” with sanctions that can go up to five years in prison and a fine of up to 50 million won ($ 35,200).
The FIU considers sanctions against unregistered Vaspes
On March 21, the South Korean publication Hankyung reported that the CRF and the FSC envisaged sanctions against the exchanges of crypto operating in the country without recording with local regulators. The sanctions included blocking access to business applications.
In South Korea, crypto, brokerage, management and storage sales operators must report to the CRF. Failure to comply with registration and reports is the subject of sanctions and sanctions.
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The latest sanctions come as the crypto reaches a “saturation point” in South Korea. As of March 31, crypto exchange users in the country succeeded 16 million, which is equivalent to more than 30% of the population. Industry officials predict that the number could exceed 20 million by the end of 2025.
More than 20% of South Korean officials hold cryptocurrencies, the total amount reaching $ 9.8 million on March 27. The active ingredients varied and included Bitcoin (BTC), Ether (ETH), XRP (XRP) and Dogecoin (Doge).
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