Revised Article Title: South Korea's Crackdown on Unregistered Crypto Apps: Apple Delists 14 Platforms Including KuCoin and MEXC
South Korean Apple Removes 14 Crypto Applications, Including KuCoin and MEXC Platforms, Due to Intensified Regulatory Measures
Hey there, crypto fan! Eager to spill the beans on some juicy news? Alright, let's dive in!
South Korea's Financial Intelligence Unit (FIU), the country's AML agency, has given Apple a stern shove to remove 14 crypto apps from their App Store. Guess who's on that list? None other than the biggies, KuCoin and MEXC, along with 12 other platforms.
Now, what's the lowdown? The FIU's kettle's been calling the pot black for unregistered foreign virtual asset operators conducting "unreported business activities" in South Korea.
Last month, Google Play followed suit, booting these same exchanges and 15 other crypto operators out of their marketplace. Seems like the FIU's pulling no punches when it comes to enforcing registration before providing services to South Korean users.
Crypto adoption is on the rise in South Korea, with 16.29 million people opening accounts on domestic exchanges like Upbit, Bithumb, Coinone, Korbit, and Gopax. That's quite a chunk, given the country's overall population of nearly 52 million!
Banks in the country have also been desperate to partner with crypto firms, with the digital asset regulations becoming less of a hurdle recently.
In February, South Korea's Financial Services Commission made an announcement that the country will launch a pilot program in the second half of 2025. This program allows 3,500 corporate entities to buy crypto for investment and financial purposes - a move that has brought sighs of relief to thousands of crypto investors in the country.
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Sources: 1, 2, 3
Unregistered crypto apps are a potential risk for money laundering, data breaches, and other illicit activities, hence the enforcement of regulations by South Korea's Financial Intelligence Unit.
- Unregistered crypto exchanges like KuCoin and MEXC, along with others, have been removed from the South Korean App Store, following a crackdown by the Financial Intelligence Unit (FIU).
- The FIU has been targeting foreign virtual asset operators conducting unreported business activities in South Korea, highlighting the importance of registration for these exchanges.
- South Korea's crypto landscape is evolving, with a growing number of people opening accounts on domestic exchanges like Upbit, Bithumb, Coinone, Korbit, and Gopax.
- Banks in South Korea have been actively seeking partnerships with crypto firms, as digital asset regulations become less of a barrier.
- In a positive move for the local crypto community, South Korea will launch a pilot program in 2025 allowing 3,500 corporate entities to invest in cryptocurrency, potentially bringing relief to thousands of investors.
