Apple removes 14 crypto exchange apps from App Store after this 'request'

Apple has blocked multiple cryptocurrency exchange apps from its App Store at the request of South Korea’s Financial Services Commission (FSC). This move has affected 14 crypto exchange apps , including those by KuCoin, MEXC, and 12 other companies. The FSC stated that these apps were operating illegally because none of the exchanges had registered with the regulator, and instructed Apple to stop installations and updates of these apps after April 11. Last month, the FSC also directed Google to block access to 17 crypto apps, effective March 25, though it remains unclear why Apple’s block took effect at a later date.


What the regulator said about these crypto exchange apps

In a statement, the FSC said that foreign virtual asset business operators looking to operate in South Korea must file a report with the Financial Intelligence Unit (FIU) under the Act on Reporting and Use of Specific Financial Transaction Information.

“Unreported business activities are subject to criminal punishment, and the FIU has been targeting overseas unreported virtual asset business operators conducting domestic business activities without reporting (16 companies in 2022, 6 companies in 2023), while also blocking domestic access through Internet sites and mobile phone apps,” the regulator wrote in a blog post [translated from Korean].”

“In the future, FIU will continue to block domestic access through mobile applications (apps) and Internet sites of overseas unreported virtual asset operators to prevent money laundering risks and user damage, in consultation with relevant organisations,” the Financial Intelligence Unit added.


What the crypto exchange platforms said about the move


Crypto exchanges KuCoin and MEXC have also confirmed that local access to their apps has been blocked since April 11. In a statement to Coindesk, a spokesperson from MEXC said that its app was no longer available on the Apple App Store and Google Play Store in Korea.

"MEXC respects local regulatory requirements and is currently reviewing the necessary measures to ensure alignment with relevant policies," the company’s spokesperson said to Coindesk.

Meanwhile, a spokesperson from KuCoin said to Coindesk: “We are closely monitoring regulatory developments across all jurisdictions, including South Korea, and will fully cooperate with any regulatory requirements."