South Korea’s Crypto Crackdown: Apple Store Gets Blocked! 🚫📱

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So, South Korea is at it again, folks. They’re banning crypto apps like it’s a Black Friday sale at Best Buy. On April 11, the Financial Services Commission (FSC) decided to block 14 crypto exchanges on the Apple Store. KuCoin and MEXC? Yeah, they’re on the naughty list. 🚨

Apparently, these exchanges were operating as unregistered overseas virtual asset operators. Big surprise, right? The Financial Information Analysis Institution (FIU) is now on a mission to block apps and websites to stop money laundering and “user damage.” Because, you know, nothing says “we care” like blocking apps. 🙄

This whole Apple Store blocking thing comes after Google Play did the same on March 26. KuCoin and MEXC got hit there too. The FSC even published a list of 22 unregistered platforms, with 17 already blocked on Google’s marketplace. It’s like a game of Whac-A-Mole, but with crypto. 🎮

According to the FSC, users can’t download these apps anymore, and existing users can’t update them. Oh, and if you’re caught doing “unreported business activities,” you could face up to five years in prison and a fine of 50 million won ($35,200). So, you know, don’t do that. 🚔

FIU Considers Sanctions Against Unregistered VASPs

On March 21, South Korean publication Hankyung reported that the FIU and FSC were considering sanctions against unregistered crypto exchanges. Blocking apps was on the table. Because nothing says “compliance” like a good old-fashioned app block. 📵

In South Korea, crypto operators must report to the FIU. If they don’t, they face penalties and sanctions. It’s like the DMV, but with more Bitcoin. 🚗💨

These latest sanctions come as crypto is reaching a “saturation point” in South Korea. As of March 31, crypto exchange users in the country passed 16 million — that’s over 30% of the population. Industry officials predict the number could surpass 20 million by the end of 2025. So, you know, good luck with that. 📈

Oh, and get this: over 20% of South Korean public officials hold cryptocurrencies. The total amount reached $9.8 million on March 27. Bitcoin, Ether, XRP, and Dogecoin are all in the mix. Because nothing says “public service” like holding Dogecoin. 🐕💎

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2025-04-15 00:14