Apple has restricted access to KuCoin and MEXC crypto apps for South Korean users
Date: 2025-04-16 Author: Henry Casey Categories: BUSINESS
Apple has blocked South Korean users from accessing 14 apps related to unregistered foreign crypto platforms, including mobile versions of KuCoin and MEXC. This decision was made at the request of the local financial regulator, the Financial Services Commission (FSC).
Similar measures were previously implemented in the Google Play store: they also restricted downloading apps from the aforementioned exchanges for users from South Korea. Such pressure on international crypto companies has become part of the South Korean authorities' campaign to protect local investors from unregulated platforms.
The FSC emphasized that foreign companies offering services related to virtual assets are required to officially notify the regulator of their intention to operate in the country and obtain the appropriate permission. Otherwise, violators will face serious sanctions - from hefty fines to criminal liability.
The regulator also noted that users can independently check the registration of the platform they are interested in by visiting the official website of the Financial Intelligence Unit (FIU). This will help to avoid interaction with potentially unsafe services and reduce the risks when investing in digital assets.
In early April, the FSC stated that at the moment, South Korean crypto exchanges are not legally ready to work with foreign clients and assets. This statement was another reminder of South Korea's desire to strengthen control over the crypto market and ensure the safety of domestic users.
Thus, South Korea emphasizes strict regulation and transparency in the digital asset industry, requiring international companies to comply with local laws.
