South Korea Blocks Apple Apps of KuCoin, MEXC, and 12 Other Exchanges
South Korean regulators have requested the blocking of 14 apps from foreign crypto operators, including exchanges KuCoin and MEXC, which have been inaccessible since April 11. Key points include:
- Foreign virtual asset operators must report to the Financial Intelligence Unit (FIU) to operate in South Korea.
- Unreported activities can lead to criminal penalties; 16 companies were targeted in 2022 and 6 in 2023.
- The FIU is actively blocking access to apps and websites of unreported overseas operators.
- Last month, Google was also requested to block 17 apps under similar regulations.
- The FIU plans to continue blocking access to prevent money laundering and protect users.