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South Korea blocks 14 cryptocurrency exchanges from Apple App Store The Financial Services Commission (FSC) of South Korea announced on April 11 that the apps of 14 crypto exchanges including KuCoin and MEXC were blocked in the Apple App Store due to unregistered operations. Previously, the Google Store had blocked 17 unregistered platforms on March 26. The FSC stated that these platforms are suspected of serving Korean users as overseas unregistered virtual asset operators, posing risks of money laundering and user losses. The Financial Information Analysis Unit (FIU) will continue to promote the banning of websites and applications of such platforms. According to FSC regulations, unreported virtual asset service activities are criminal offenses, punishable by up to five years in prison and a fine of 50 million won (about US$35,000). (Cointelegraph)

Korean financial regulator blocks 14 unregistered crypto apps on Apple’s App Store On April 14, the Financial Intelligence Unit (FIU) under South Korea’s Financial Services Commission (FSC) blocked access to 14 mobile apps available on Apple’s App Store that were operated by

Google Play Store in South Korea has blocked 17 foreign Virtual Asset Service Providers (VASPs) apps, including those of KuCoin and MEXC, from being accessible to users within the country. This action comes as a consequence of these exchanges failing to register with the Financial Intelligence Unit (FIU), which is a branch of South Korea’s Financial Services Commission (FSC), as mandated by local law. Related: South Korea to Release Institutional Crypto Investment Guidelines in Q3 2025 Google Play Store’s action signals South Korea’s increasing regulatory efforts within the cryptocurrency industry. According to a statement issued by the FSC, this action was taken at the specific request of the FIU, which is responsible for overseeing compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations for financial services operating within the country. Foreign VASPs are legally required to register with the FIU in order to operate within South Korea. This registration process ensures that these platforms adhere to the necessary regulations, which are designed to protect the integrity and reliability of the country’s financial system. For foreign exchanges such as KuCoin and MEXC, operating in South Korea without obtaining this mandatory registration has now led to tangible consequences. The inability for users to download or update these apps through the Google Play Store will directly affect those who previously relied on these platforms for trading digital assets. The ban on unregistered foreign VASP apps is expected to limit access for cryptocurrency traders based in South Korea. While users who had already downloaded the apps before the ban may still retain some functionality, they will no longer be able to receive updates to the applications. New users, however, are completely blocked from installing these apps from the Google Play Store. Related: Crypto Crackdown in South Korea: Upbit Suspended, Bithumb Investigated, Overseas Exchanges Face Action However, some concerns have been raised about whether such strict measures could drive investors and companies away from South Korea. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

South Korea court halts FIU sanctions on Dunamu, Upbit operator A South Korean court has temporarily halted the enforcement of a partial business suspension issued by financial authorities against Dunamu, the operator of the crypto exchange Upbit, according to Yonhap News

In South Korea, the number of domestic investors holding digital currencies such as Bitcoin has soared by more than 50% in the past year. The figure now stands at more than 9.6 million. Interestingly, one in four of these investors is over 50 years old. Furthermore, data received by Democratic Party lawmaker Ahn Do-jae from five domestic crypto exchanges—namely Upbit, Bithumb, Coinone, Korbit, and Gopax—shows that by the end of last year, there were more than 9.6 million active and tradable accounts. The previous year, the number was only around 6.3 million. This means that there are more than 3 million additional people trying their luck in the crypto world in just a year. The total amount of crypto assets they hold is truly impressive. Its value reaches more than 105 trillion won (about $77.78 billion). For comparison, that’s equivalent to buying more than 150,000 small apartments in Seoul . Not a number to be taken lightly, especially considering that most of the owners are not from institutions but retail investors. On the other hand, the age group that was previously considered far from technology is starting to catch up. Investors in their 50s are recorded at around 1.75 million people, an increase of more than half from the previous year. Meanwhile, those who have reached the age of 60, the number jumped from 371,800 to 636,700 people. It is possible that some of them follow their children or grandchildren, but in the end they actually make more money. What makes you shake your head is that many of these senior investors also fall into the “big player” category. Of the approximately 9,100 accounts with asset ownership of more than 1 billion won, almost half are owned by people over the age of 50. On average, these mature investors hold crypto assets worth 2.15 billion won per person. It is no wonder that more and more young people are starting to ask their fathers or even grandfathers to teach them how to trade. However, amid this rapid growth, the South Korean government is not sitting idly by. CNF reports that the country’s Financial Intelligence Unit (FIU) has begun cracking down on foreign crypto exchanges that are not yet officially registered. A few of the names under criticism are already familiar among the worldwide crypto community. Apart from love messages, the FIU has started restricting access to its websites running Korean domains. Roughly speaking, their cords have been taken out rather than they were only chastised. Local regulators are also increasingly vigilant about the potential misuse of crypto platforms for illegal purposes. Starting January 19, 2025, they will monitor transactions suspected of being related to illegal foreign exchange trading. It is not just one institution that is moving. Financial authorities, the Ministry of Justice, and the Central Bank of Korea will work together in this supervision. So for those who think they can smuggle money through digital wallets, you should think again. Apart from these tightening measures, South Korea is also preparing to launch a pilot project for a central bank digital currency (CBDC). Still from the CNF report , the Central Bank of Korea will start a CBDC trial in April 2025. The program will involve 100,000 participants and several major banks. Participants will later be able to convert their bank balances into digital tokens and use them to shop at certain merchants. The payment process will also be tested in a real-time system.