Apple has blocked access to 14 cryptocurrency apps at the request of South Korea’s financial services regulator. This includes popular exchanges operated by KuCoin and MEXC, which the regulator states were operating illegally because they hadn’t registered as required. Apple must prevent these apps from being installed or updated after April 11. The Financial Services Commission had previously asked Google to block other apps, but the timing for Apple’s action is different. It is important to note that neither Apple nor Google broke any laws; they complied voluntarily with the regulator’s request. Not adhering to these regulations could lead to severe penalties, including imprisonment.
Apple Blocks Cryptocurrency Apps in South Korea
Apple has recently blocked 14 cryptocurrency apps in response to a request from South Korea’s Financial Services Commission (FSC). This action includes apps from notable crypto exchanges like KuCoin and MEXC, along with 12 other companies.
The FSC stated that these exchanges were operating illegally, as none had registered with the regulator, which is a legal requirement to operate in the country. As a result, Apple has been instructed not to allow these apps to be installed or updated after April 11.
In a similar move, the FSC had also requested Google to block access to 17 crypto apps, effective from March 25. However, details on why Apple’s deadline differs remain unclear. According to the FSC, businesses that fail to report to the Financial Information Analysis Service (FIU) face serious penalties, including imprisonment for up to five years for conducting unreported operations.
It’s important to note that neither Apple nor Google has been accused of breaking any laws. Both companies complied with the FSC’s request rather than facing any legal commands.
This situation highlights the South Korean government’s commitment to regulating cryptocurrency exchanges and ensuring compliance with local financial laws. As cryptocurrency continues to grow in popularity, regulatory bodies are taking steps to maintain oversight and protect consumers.
For more details, you can visit the original source on CoinDesk.
Tags: Apple, Cryptocurrency, South Korea, Financial Services Commission, KuCoin, MEXC, Mobile Apps, Regulation, Compliance
What happened with Apple’s cryptocurrency apps in Korea?
Apple blocked 14 cryptocurrency apps in South Korea. This action was taken at the request of a regulator in the country, likely to ensure that these apps follow local laws.
Why did Apple block these apps?
The apps were blocked because they might not have complied with Korea’s financial regulations. The Korean regulator is focused on protecting users and ensuring fair practices in the financial Market.
Will the apps come back?
It’s uncertain if the blocked apps will return to the App Store. They may need to adjust their services or meet certain requirements set by Korean regulators first.
How does this affect users?
Users in Korea cannot access these specific cryptocurrency apps anymore. This means they’ll have to find alternative ways to trade or manage their crypto assets for now.
What should app developers do?
App developers should check the local laws and requirements around cryptocurrency. If they want to operate in Korea, they may need to update their apps to meet regulations set by the government.