South Korea cracks down on 14 unregistered crypto exchanges on Apple's App Store (2025)

South Korea’s Financial Intelligence Unit (FIU) has taken fresh action against offshore crypto exchanges operating without regulatory approval.

In a new directive issued on April 14, the agency asked Apple to restrict access to 14 mobile applications linked to unregistered digital asset platforms on its App Store.

The FIU’s list includes major exchanges such as KuCoin, MEXC, Phemex, BitMart, CoinEx, Poloniex, BitTrue, Blofin, CoinW, BTCC, ZoomEX, and CoinCatch.

This enforcement follows the FIU’s similar move two weeks earlier against unregistered crypto apps on the Google Play Store.

According to the agency, these platforms failed to register under South Korea’s digital asset regulations, which require exchanges to comply with anti-money laundering (AML) laws and register with local authorities.

The rules apply to any foreign operator offering services in Korean, conducting local marketing campaigns, or facilitating transactions in Korean Won.

The FIU emphasized that the restrictions protect consumers and minimize exposure to financial crime. The agency further said it will continue coordinating with relevant institutions to block access to unregistered platforms through mobile and web channels.

The FIU also warned that non-compliant exchanges may face legal consequences, including up to five years in prison or fines of up to 50 million Korean won (around $35,000).

To support consumer protection, the regulator has made a list of registered exchanges publicly accessible and urged users to withdraw their assets from unregistered platforms to avoid potential losses.

The enforcement effort marks a broader commitment by South Korean authorities to regulate offshore platforms and create a safer digital asset market.

The crackdown comes as major South Korean banks have urged regulators to allow more room for partnerships with crypto firms. This signals a growing demand for clearer compliance frameworks.

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