Apple Blocks 14 Crypto Apps in South Korea Amid Regulatory Pressure

In response to an official request, Apple has removed several cryptocurrency apps deemed illegal, reflecting stricter regulatory measures on digital assets in South Korea.

Apple Complies with South Korean Regulator’s Request

In adherence to legal obligations, the global tech giant Apple recently blocked 14 cryptocurrency apps following a directive from South Korea’s financial regulatory authority.

Illegal Operations

The financial watchdog, known as the Financial Services Commission (FSC), has labeled these 14 apps as illegal. They are operated by various entities including “KuCoin, MEXC, and 12 others”. The FSC has explicitly required Apple to cease the installation or updating of these apps starting April 11.

Specific Regulations

In South Korea, foreign virtual asset operators wishing to conduct domestic business must register with the Financial Intelligence Unit (FIU). Any undeclared activity can lead to “criminal penalties”. Consequently, the FIU has advocated for blocking domestic access to websites and mobile apps involved in illegal activities.

The most severe violation could result in up to five years of imprisonment. It is important to note that neither Apple nor Google have broken the law. In both instances, the application stores were “requested” rather than “ordered” to remove the apps. Both companies have complied with this request.