FIU, Following Google, Unreported overseas exchange access blocked also on Apple App Store

Financial Intelligence Unit Blocking Domestic Access To Unregistered Overseas Exchanges (Source: Financial Services Commission)

The Financial Intelligence Unit (FIU) of the Financial Services Commission has further strengthened regulations on overseas virtual asset operators operating without registration in Korea. On the 14th, FIU announced that it had taken measures to block access to 14 overseas virtual asset operator apps, including KuCoin and MEXC, from the Apple App Store in Korea from April 11th. This is a follow-up measure to the blockage of domestic access to 17 similar apps in the Google App Store on the 25th of last month.

These apps cannot be newly installed, and existing users can no longer receive updates. This is because, under the Certain Financial Information Act, even foreign exchanges must complete a prior registration with the authorities if they provide Korean language services or support KRW transactions for domestic users. Violations can result in imprisonment of up to 5 years or a fine of up to 50 million Won.

FIU is identifying unregistered overseas operators active in Korea and is guiding them to restrict transactions with local businesses unless they have been formally registered. Additionally, they are notifying investigative agencies of related facts and continuously pushing to block access to unregistered apps and sites to reduce the potential for information leaks and hacking.

FIU warned that transactions with unregistered exchanges can lead to money laundering risks, as well as leaks of personal information and property damage, urging users to check on the FIU website whether the platform they are trading on is a duly registered operator.

FIU plans to expand technical blocking measures against unregistered operators in consultation with related agencies in the future and strengthen institutional responses to protect domestic investors.