Apple has restricted access to 14 cryptocurrency apps in South Korea at the request of the Financial Intelligence Unit (FIU), South Korea’s anti-money laundering agency. The move is aimed at foreign businesses that provide virtual asset services that the FIU has accused of operating without registration, including accredited exchanges KuCoin and MEXC.
Google Play has reportedly taken similar actions before, removing 17 cryptocurrency-related apps in March at the request of the Financial Intelligence Unit (FIU). The affected apps cannot be downloaded and existing users cannot get updates.
The FIU pointed out that unregistered platforms pose risks such as personal data leaks, hacker attacks, and may be used for money laundering. Under South Korean law, foreign virtual asset operators must register when doing business with South Korean users, including accepting won and advertising to South Korean consumers.
Despite these crackdowns, South Korea’s domestic cryptocurrency market is still booming. More than 1.629 billion account holders, or nearly a third of the population, have accounts or user accounts on major domestic exchanges such as Upbit, Bithumb and Coinone. At the same time, regulatory attitudes are also changing.
The Financial Services Commission recently announced that they will launch a pilot program to allow 3,500 corporate entities to start investing in cryptocurrencies by the end of 2025. The Financial Intelligence Unit said they will continue to block unregistered platforms to protect users and prevent illegal financial activities.
