South Korea's Financial Services Commission (FSC) has removed 14 crypto exchange apps from Apple's App Store and 17 from Google Play, including significant platforms such as KuCoin and MEXC, as part of a crackdown on unregistered foreign operators. This action follows the identification of these apps as unreported foreign virtual asset operators that failed to register with the FSC’s Financial Intelligence Unit (FIU) before offering services to Korean users. The bans took effect on Google Play on March 25 and on Apple’s App Store on April 11. South Korean law mandates that virtual asset service providers register with the FIU, especially if they have a Korean-language site, accept payments in won, or market to Korean customers. Violations of this law can lead to imprisonment or hefty fines. Additionally, regulatory scrutiny has intensified against offshore exchanges, with previous actions taken against numerous exchanges over the past three years. The FSC is increasingly focused on protecting users from the risks posed by unregistered platforms, highlighting the importance of compliance with local regulations.

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