Apple has blocked 14 cryptocurrency apps following a request from South Korea’s financial regulator, the Financial Services Commission (FSC). These apps, including those from crypto exchanges like KuCoin and MEXC, were deemed illegal as none were registered with the regulator, which is a legal requirement for operating in the country. The ban, effective after April 11, follows similar action taken by Google against 17 crypto apps in late March. The FSC emphasizes that foreign virtual asset operators must report their activities to operate legally, and failure to comply could lead to severe penalties, including imprisonment for up to five years. Both Apple and Google are complying with the regulator’s requests to ensure adherence to local laws.
Apple Blocks 14 Cryptocurrency Apps at Request of South Korean Regulator
Apple has recently blocked access to 14 cryptocurrency apps following a request from South Korea’s Financial Services Commission (FSC). This move affects major crypto exchange platforms such as KuCoin and MEXC, along with 12 other companies. The FSC claims that all the blocked exchanges were operating without the necessary legal registration, which is required to operate in the country.
According to the FSC, Apple was instructed to ensure that these apps cannot be installed or updated starting April 11. This follows a similar request made to Google last month, which resulted in 17 cryptocurrency apps being barred from the Play Store beginning March 25. All these actions highlight increasing regulatory scrutiny over cryptocurrency operations within South Korea.
The FSC emphasizes that any foreign virtual asset operators wishing to do business in South Korea need to report to the Financial Information Analysis Service (FIU) in advance. Their failure to do so can lead to criminal penalties, including a maximum five-year prison sentence.
While both Apple and Google complied with the FSC’s requests, there is no indication that either company has violated any laws. The requests to remove the apps were not mandatory orders but rather appeals from the regulator.
In conclusion, the actions taken by Apple and Google reflect a growing trend among regulators to curb unregistered cryptocurrency activities, aiming to ensure consumer protection and legal compliance in an ever-evolving digital finance landscape.
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Tags: Apple, cryptocurrency, South Korea, Financial Services Commission, KuCoin, MEXC, regulatory compliance, financial services
What happened with the cryptocurrency apps and Apple?
Apple recently blocked 14 cryptocurrency apps in Korea. This was done at the request of the Korean regulator to ensure compliance with local laws.
Why did the Korean regulator ask Apple to block these apps?
The Korean regulator wanted to protect users and prevent any illegal activities related to cryptocurrencies. They aim to ensure that all apps follow the country’s financial regulations.
Will these apps be blocked forever?
Not necessarily. The apps can be re-evaluated and might return to the App Store if they meet the required regulations. It depends on whether they can resolve the issues flagged by the regulator.
What does this mean for cryptocurrency users in Korea?
Users will have limited access to certain crypto apps for now. They may need to find alternative ways to use cryptocurrency services or wait for the apps to be approved again.
How does this affect Apple’s policies on cryptocurrency apps worldwide?
This situation highlights how Apple must consider local laws when operating in different countries. It may lead to stricter guidelines for all cryptocurrency apps globally, depending on how regulations evolve.