Apple Joins Crackdown: South Korea Orders Crypto Exchange Ban on App Store – Is Your Exchange on the List?

South Korea is stepping up its war on unregistered crypto platforms — and this time, Apple is in the hot seat.

Just weeks after asking Google to restrict access to 17 crypto-related apps, South Korea’s Financial Services Commission (FSC) has now turned to Apple, requesting the removal of 14 crypto exchange apps from its App Store — including popular platforms KuCoin and MEXC.

And it’s not just about app store removals. This move could shake up crypto access in one of the most active trading markets in Asia.

The Crackdown Continues

The FSC says these platforms have not legally registered as virtual asset operators under South Korean law, making their operation within the country unauthorized. According to the translated official statement, Apple has already begun blocking domestic access to these apps, meaning Korean users can no longer install them, and existing users may soon lose access to updates or critical features.

This development mirrors last month’s similar request to Google, signaling a broader strategy from South Korea’s regulators: shut down unregistered crypto activity at the source — the app stores.

Why Is This Happening?

South Korea has long taken a strict stance on crypto regulation. Exchanges operating within the country must register, report their activities, and comply with anti-money laundering policies.

But many crypto users have continued to turn to overseas exchanges for benefits like higher liquidity, wider token access, or arbitrage opportunities — exploiting the so-called “Kimchi premium” that can create price gaps between Korean and global markets.

Regulators are worried that these unregistered platforms pose a high risk for money laundering, fraud, and hacks, especially without government oversight. The FSC made it clear: blocking these apps is about protecting users and tightening security in the digital asset space.

“In the future, in order to prevent money laundering risks and user damage, [we] will continue to block domestic access through apps and internet sites of overseas unreported virtual asset operators,” the FSC warned.

What It Means for Crypto Traders

If you’re using apps like KuCoin or MEXC in South Korea, this could be a game-changer.

New downloads may already be restricted, and app functionality could deteriorate if updates are disabled. For traders who rely on mobile access for quick transactions, this could introduce serious disruptions.

The FSC urges users to verify whether their platform is officially registered. As of now, 28 crypto operators have been approved in South Korea. 

The Bigger Picture

This isn’t just a local issue. South Korea’s aggressive enforcement sets a precedent for how other countries might deal with offshore, unregulated crypto apps. It’s a reminder that the era of free-for-all crypto trading is giving way to institutional scrutiny and enforcement.

For now, the crypto landscape in South Korea just got a lot more complicated. Whether this marks a shift toward safer trading or a stifling of access depends on where you stand — but one thing is certain: the crackdown has only just begun. 

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