South Korea has extended its crackdown on unregistered cryptocurrency exchanges by blocking 14 apps on the Apple Store. This decision was made public on April 14, following a previous blockage of 17 unregistered exchanges on Google Play on March 26. The Financial Services Commission (FSC) revealed that the blocked exchanges, including KuCoin and MEXC, were operating as unregistered overseas virtual asset operators. To combat money laundering and protect users, the Financial Information Analysis Institution (FIU) plans to continue promoting the blocking of such apps and websites. Users will be unable to download or update the apps on the Apple Store. The repercussions for operating without registration can include imprisonment for up to five years and fines of up to 50 million won (approximately $35,200). Prior reports indicated that 22 unregistered platforms were operating in South Korea, with ongoing efforts to enforce compliance among crypto firms in the region as user participation in cryptocurrencies continues to grow significantly. Current estimates suggest that crypto exchange users in South Korea could surpass 20 million by the end of 2025.

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