South Korea’s Regulator Bans Access to 14 Crypto Exchanges

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South Korea is intensifying its crackdown on unregistered crypto platforms. A statement released on Monday indicates that regulators have requested Apple to remove 14 related apps from the local App Store to enhance oversight of illegal crypto activities and protect users.

Major exchanges like KuCoin and MEXC are among those targeted, with South Korean regulators already restricting domestic access to their apps since April 11.

The statement emphasized that foreign virtual business operators wishing to conduct business in South Korea must report to the Financial Intelligence Unit (FIU) in accordance with the Act on Reporting and Use of Specific Financial Transaction Information.

Foreign crypto firms are required to register with South Korea’s FIU prior to operations. Failure to do so may result in criminal penalties.