So, South Korea, bless their hearts, has decided that maybe, just maybe, letting every Tom, Dick, and crypto enthusiast set up shop isn’t the best idea. Apparently, 14 of these unregistered cryptocurrency exchanges were about as legitimate as my attempts at cooking soufflés. 🍳
This whole thing started because Google Play, in a rare moment of parental responsibility, blocked a bunch of apps. The goal? To protect users, of course, and to fight crime. Because nothing says “criminal mastermind” like using an unregistered crypto exchange. 🕵️♂️
The South Korean government, in what I can only describe as a “decisive step” (because that’s what the article says), is cracking down. The Financial Services Commission (FSC), which sounds like a very serious organization, announced a new digital asset oversight plan. I imagine it involves a lot of spreadsheets and furrowed brows. 🤔
These banned apps, including glamorous names like KuCoin and MEXC, were operating illegally because they, gasp, failed to register properly. Imagine that! The audacity! South Korea, being the responsible adult in the room, is trying to protect investment funds while combating financial offenses. Because who needs real money when you can have digital tokens that might be worth something tomorrow? 🤷♀️
Source – (Because you wouldn’t want to take my word for it.)
The Financial Supervisory Commission (another very serious organization) issued its ruling shortly after Google Play’s little app purge. Apparently, these unregistered crypto operations expose users to risks like scams and data theft. Which, let’s be honest, is exactly what I expect from anything involving the word “crypto.” 💸
South Korea, you see, maintains “rigorous oversight” on the regulation of cryptocurrencies. The Financial Intelligence Unit (FIU), operating under the Act on Reporting and Use of Specific Financial Transaction Information (try saying that five times fast), requires registration from all Virtual Asset Service Providers. It’s all very official. 📜
These 14 banned exchanges were operating against the financial regulations. The FIU claims they posed a threat to money laundering because of their non-compliant operations. Because nothing says “laundering money” like a poorly regulated digital platform. 🧺
The penalties for non-compliance are severe! We’re talking potential imprisonment (up to five years!) and fines (up to $35,200!). So, you know, maybe just register next time. 👮♀️
This isn’t even the first time this has happened. In 2022, sixteen platforms got blocked, followed by six more in 2023. It’s like a crypto whack-a-mole. 🔨
Apparently, the South Korean crypto industry is still growing, despite all this government supervision. More than 30% of the population participates in this market. I guess some people just like living on the edge. 🤪
The Apple Store restriction prevents users from installing new applications and updating existing ones. So, current users can still use the apps, but they’ll be buggy and outdated. Which, again, seems appropriate for the crypto world. 🐛
And it all started with Google Play, who eliminated seventeen of the twenty-two unregistered platforms. Website blocking has become an official component of the FIU’s approach. They’re serious, people! 😠
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2025-04-15 23:21