Google Play blocks access to 17 unregistered exchanges in South Korea

3 days ago 21

Google Play implemented entree restrictions to 17 unregistered overseas crypto exchanges catering to section users successful South Korea astatine the petition of the country’s regulators.

On March 21, the Financial Intelligence Unit (FIU) of the South Korean Financial Services Commission (FSC) said it was considering sanctions against operators that did not study to the applicable authorities.

Authorities necessitate virtual plus work providers (VASPs) to study to regulators nether the country’s Specified Financial Information Act.

At the time, the FIU said it was coordinating with the Korea Communications Standards Commission (KCSC), the regulator successful complaint of the internet, connected however they could artifact entree to the exchanges.

By March 26, the FSC published a database of 22 unregistered platforms, highlighting 17 that had been blocked from the Google Play store. The determination restricts caller downloads and updates for affected apps, efficaciously limiting idiosyncratic access.

Google Play restricts entree to 17 unregistered exchanges

The FSC said the 17 exchanges highlighted connected the database were present restricted successful the Google Play Store. This means their applications volition not beryllium disposable for caller users to download and install. In addition, existing users volition beryllium incapable to entree updates from the apps.

Exchanges successful the entree regularisation database include: KuCoin, MEXC, Phemex, XT.com, Biture, CoinW, CoinEX, ZoomEX, Poloniex, BTCC, DigiFinex, Pionex, Blofin, Apex Pro, CoinCatch, WEEX and BitMart.

The FSC expects the determination to assistance forestall wealth laundering acts utilizing crypto assets and imaginable aboriginal damages to section users. The FIU said it is besides coordinating with Apple Korea and the KCSC to artifact net and App Store entree to the speech platforms.

KuCoin antecedently told Cointelegraph that it was monitoring regulatory developments successful each jurisdictions, including South Korea. The speech said compliance was indispensable for crypto’s sustainable growth. However, the speech did not supply elaborate accusation connected its plans for South Korea.

South Korean exchanges look controversies

South Korean regulators’ actions against unregistered exchanges travel the country’s accrued scrutiny of crypto trading platforms.

On March 20, Seoul’s Southern District Prosecutors’ Office raided Bithumb offices successful the country, arsenic prosecutors suspected fiscal misconduct involving the exchange’s erstwhile CEO. Prosecutors suspected Bithumb committee subordinate Kim Dae-sik of utilizing institution funds to acquisition a idiosyncratic apartment.

In addition, a Wu Blockchain report of intermediaries being paid to database token projects connected Bithumb and Upbit surfaced. In effect to the report, Upbit demanded the merchandise of the identities of crypto projects that claimed to person paid intermediaries to beryllium listed.