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South Korea Blocks 14 Crypto Exchanges on Apple Store Amid Regulatory Push
In a significant move to crack down on unregistered digital asset operators, the Financial Services Commission (FSC) of South Korea has taken action by blocking 14 crypto exchanges from the Apple Store. This development comes amid an escalating regulatory push in the country.
The FSC’s decision aims to prevent user harm and illegal financial activity, as per a report released earlier today. It appears that these exchanges, including KuCoin and MEXC, had failed to meet reporting requirements under South Korean law. As a result, they have been restricted from functioning on the Apple Store.
It is noteworthy that this action follows a similar move by Google, which recently blocked multiple unregistered crypto platforms from its platform. In fact, 17 of these exchanges are already restricted on Google’s platform. This collective effort demonstrates the authorities’ dedication to ensuring compliance with regulations.
The FSC has made it abundantly clear that any operations without registration carry severe criminal penalties. Those found guilty can face imprisonment for up to five years, while fines as high as 50 million won (approximately $35,200) will be imposed. Furthermore, South Korean law demands that all crypto businesses register with the Financial Intelligence Unit (FIU). Failure to report such activities triggers legal consequences.
South Korea’s crypto market has experienced explosive growth in recent months, with more than 16 million users as of March 31. Industry experts predict this number may surpass 20 million by late 2025. The FSC and FIU appear to be responding to this rapid growth by imposing stricter measures. There are reports that additional sanctions may be forthcoming, including blocking access to online services for non-compliant operators.
In a related development, an investigation has been launched into South Korean government officials’ crypto holdings. A staggering 20% of public officials have reportedly held digital assets, with a total value of $9.8 million. It appears that the government is strengthening oversight as cryptocurrencies gain mainstream attention. Further enforcement measures are expected in the near future.
As always, our team at CryptoNewsLand will continue to monitor and provide updates on this developing situation.
Published by Austin Mwendia
Source: https://cryptonewsland.com/south-korea-blocks-14-crypto-exchanges-on-apple-store-amid-regulatory-push/
