South Korea Blocks KuCoin, MEXC Apps Over Regulatory Violations

South Korean regulators have ordered Apple to block 14 cryptocurrency-related apps, including those from KuCoin and MEXC, citing violations of the country’s crypto regulations. The Financial Intelligence Unit (FIU) confirmed in a statement on Monday that these apps belong to foreign virtual asset service providers (VASPs) operating without proper registration. Access to the KuCoin and MEXC apps has been restricted domestically since April 11.

According to the Act on Reporting and Use of Specific Financial Transaction Information, any foreign crypto exchange or related business seeking to operate in South Korea must register with the FIU. Operating without proper authorization is considered a criminal offense. The FIU emphasized its ongoing efforts to crack down on illegal virtual asset activities and protect users from potential money laundering risks.

In previous years, the FIU has targeted unregistered foreign crypto businesses, blocking access to 16 companies in 2022 and 6 in 2023 through both mobile apps and websites. Last month, the agency requested that Google block 17 similar apps from unregistered operators.

The regulator reaffirmed its commitment to strict enforcement, stating that it will continue monitoring and blocking unregistered crypto apps and websites in collaboration with other relevant organizations. These measures are part of South Korea’s broader efforts to tighten crypto oversight and prevent unregulated platforms from exposing local users to financial harm.

CoinDesk has reached out to KuCoin and MEXC for official responses regarding the app bans. As South Korea reinforces its digital asset regulations, foreign crypto platforms are under increasing pressure to comply or face nationwide service restrictions.