Apple has restricted access to 14 cryptocurrency apps following a request from the South Korean financial services regulator. This restriction affects crypto exchange apps operated by KuCoin, MEXC, and 12 other firms.
The Financial Services Commission (FSC) of South Korea has stated that all 14 exchanges were operating unlawfully and directed Apple to prevent the installation or updates of these apps after April 11.
Last month, the FSC also asked Google to restrict 17 crypto apps, effective from March 25. However, it’s unclear why the Apple restriction is set to begin on the later date of April 11. The FSC noted that none of the exchanges had registered with them, which is a legal prerequisite for operating in the country.
Foreign virtual asset operators wishing to engage in domestic business activities must report to the Financial Information Analysis Service (FIU) beforehand […]
Failure to report these business activities can result in criminal penalties. The FIU has been working to block domestic access through internet sites and mobile applications, identifying foreign virtual asset operators that have conducted business domestically without proper reporting (16 companies in 2022, and 6 companies in 2023).
The maximum penalty for non-compliance can include imprisonment for up to five years.
There is no indication that either Apple or Google have violated any laws; both companies stated they were “requested” (not ordered) to remove the apps, and complied accordingly.
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Via CoinDesk. Photo by Traxer on Unsplash.
