Google Play Blocks 17 Unregistered Crypto Exchanges in South Korea

March 26, 2025 – Google Play has implemented access bans on 17 foreign cryptocurrency exchanges that have been running without the permission of regulatory bodies in South Korea, upon request from domestic authorities.

Regulatory Crackdown on Unregistered Crypto Exchanges

On March 21, the South Korean Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) revealed possible sanctions on unregistered cryptocurrency exchanges that refused to report their operations according to the nation's Specified Financial Information Act.

In the meantime, the FIU confirmed that it was in partnership with the Korea Communications Standards Commission (KCSC) to consider blocking access to the exchanges.

As of March 26, the FSC released a list of 22 unregistered exchanges, and 17 of them were already blocked from being downloaded from Google Play, preventing new downloads and updates for those apps.

Google Play Blocks 17 Unregistered Exchanges

The FSC has affirmed that the 17 exchanges mentioned below are no longer accessible on Google Play in South Korea:

KuCoin, MEXC, Phemex, XT.COM, Biture, CoinW, CoinEX, ZoomEX, Poloniex, BTCC, DigiFinex, Pionex, Blofin, Apex Pro, CoinCatch, WEEX, and BitMart.

The measure is to forestall money laundering and shield local users against potential financial risks. The FIU is also collaborating with Apple Korea and the KCSC to expand access limits on the App Store and the wider internet.

KuCoin retorted that it is closely tracking international regulatory changes and regards compliance as vital to sustainable development. Still, it refrained from providing detailed plans on South Korea.

More Stringent Supervision on Crypto Exchanges in South Korea The regulatory clampdown on non-registered crypto exchanges falls in line with South Korea's stepped-up supervision of the crypto trading industry.

On March 20, the Seoul Southern District Prosecutors' Office investigated Bithumb headquarters for suspected financial wrongdoing involving its former CEO. Bithumb board member Kim Dae-sik is accused by the authorities of using company money to buy a private apartment.

Further, a Wu Blockchain report uncovered reports of intermediaries being paid for token listings on Bithumb and Upbit. To this end, Upbit called for complete disclosure of crypto project identities reportedly paying for listings.

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