Source: Cointelegraph Original: "{title}"
South Korea is expanding its ban on digital asset company applications, prohibiting them from providing services to the country's citizens. On April 11, the Financial Services Commission (FSC) of South Korea announced that the applications of 14 cryptocurrency exchanges have been blocked on the Apple Store. The affected exchanges include KuCoin and MEXC.
This report was made public on April 14, stating that the banned exchanges are suspected of operating as unregistered overseas virtual asset operators. The report also noted that the Financial Intelligence Unit (FIU) will continue to push for the blocking of such operators' applications and websites to prevent money laundering and user harm.
The request to block applications on the Apple Store was made after Google Play blocked several unregistered exchanges on March 26. KuCoin and MEXC also became targets during the Google Play application blocking process. The Financial Services Commission (FSC) released a list of 22 unregistered platforms, 17 of which have already been banned on the Google market.
17 cryptocurrency exchanges banned on Google Play. Source: FSC
According to the Financial Services Commission (FSC) report, users will be unable to download these applications from the Apple Store, and existing users will also be unable to update these applications. The FSC pointed out that "unreported business activities are criminal offenses," with a maximum penalty of five years in prison and fines of up to 50 million won (approximately $35,200).
The Financial Intelligence Unit (FIU) is considering sanctions against unregistered Virtual Asset Service Providers (VASP).
On March 21, South Korean media outlet Hankyung reported that the FIU and FSC are considering sanctions against cryptocurrency exchanges operating in South Korea but not registered with local regulatory authorities. Sanctions include blocking access to company applications.
In South Korea, operators involved in the sale, brokerage, management, and storage of cryptocurrencies must report to the FIU. Those failing to comply with registration and reporting requirements will face penalties and sanctions.
As cryptocurrency reaches a "saturation point" in South Korea, the latest sanctions are also being implemented. As of March 31, the number of cryptocurrency exchange users in South Korea has exceeded 16 million, accounting for about 30% of the population. Industry officials predict that the number of users could exceed 20 million by the end of 2025.
More than 20% of South Korean public officials hold cryptocurrencies, and as of March 27, the total amount of crypto assets held by public officials reached $9.8 million. These assets are diverse, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Dogecoin (DOGE).
Related: Trump and Bukele focus on trade and immigration issues, Bitcoin's status declines.
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