Apple Blocks KuCoin, MEXC & 14 Other Crypto Apps in South Korea Amid Regulatory Crackdown
Why This Matters
Imagine opening your crypto app and finding it gone from the App Store. That’s the reality for South Korean users of KuCoin, MEXC, and 14 other platforms. Apple recently pulled these apps at the request of South Korea’s Financial Intelligence Unit (FIU), signaling a tough stance on unregulated crypto exchanges. Let’s unpack what happened and what it means for traders.
What Sparked the Ban?
South Korea’s Crypto Crackdown
South Korea’s Specific Financial Information Act demands that crypto exchanges register and follow strict anti-money laundering rules. The FIU flagged 16 foreign platforms, including KuCoin and MEXC, for operating without licenses. These exchanges offered tempting altcoins and low fees but skipped critical user protections, raising red flags.
Apple’s Role
In early 2025, the FIU urged Apple to remove these apps to shield users from risks like fraud. Apple acted swiftly, echoing Google’s earlier decision to delist the same platforms from the Play Store. This move shows how tech giants are aligning with local laws to regulate crypto.
Which Apps Got the Boot?
The FIU targeted 16 foreign exchanges, with KuCoin and MEXC being the biggest names. The full list hasn’t been publicized, but these platforms catered to South Koreans seeking diverse tokens. Now, accessing them via apps is off the table.
How Does This Affect Traders?
With these apps gone, South Korean crypto fans might turn to regulated exchanges like Upbit or Bithumb, which control about 80% of the market, per 2024 stats. These platforms are safer but often charge higher fees and list fewer coins, which could frustrate traders chasing niche tokens. Web-based access to banned platforms might still work, but it’s riskier and less convenient.
What’s on the Horizon?
South Korea’s FIU is doubling down, hinting at more oversight to stabilize the crypto scene. Global exchanges must now comply or face barriers. This mirrors crackdowns elsewhere, like the EU’s MiCA rules. Staying compliant is key for platforms eyeing South Korea’s market.
Wrapping Up
Apple’s decision to yank KuCoin, MEXC, and 14 other crypto apps underlines South Korea’s push for a safer crypto ecosystem. While it limits options, it prioritizes user security. Got thoughts on this?
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