The best financial regulator in South Korea has deleted 14 Crypto exchange applications from the Apple App Store and 17 from Google Play, which includes the main platforms like Kucoin and Mexc, as part of a repression against unregistered foreign operators.
The Financial Services Commission (FSC) announcement On Monday, prohibitions entered into force on the Google Play Store on March 25 and the Apple App Store on April 11.
“We closely monitor regulatory developments in all jurisdictions, including South Korea, and cooperate fully with all regulatory requirements,” said a spokesperson for Kucoin Decipher In a declaration sent by e-mail.
“Kucoin has always prioritized its users and has maintained a strong commitment to compliance. We respect the regulatory efforts of the South Korean Financial Services Commission and take these questions seriously,” they added.
Mexc did not immediately respond to a Comment request.
Applications have been described as “non -declared foreign virtual asset operators”, which means that they have failed to register with the FSC financial intelligence unit before offering services to Korean users.
Under South Korean law, virtual asset service providers must register with the CRF, an FSC division, before doing business at the national level.
The factors that trigger this requirement include having a Korean language website, accepting payments in Won or Marketing to Korean users. Violations can lead to up to five years in prison or fines of up to 50 million won (around $ 36,000).
Two of the exchanges had no identifiable owners, according to a list Targeted platforms on the FSC website. Poloniex and Bitmart were also appointed. The two have not yet responded to a comment request.
The regulators of the country are not more and more unable to tolerate the offshore exchanges of the presumed domestic contribution. The FSC previously took measures against 16 exchanges in 2022 and six others in 2023.
In January, the country propose plans to upgrade their crypto working group in a permanent investigation unit. If it is approved, the unit will rely on its work against crimes related to the crypto, expanding its authority and its resources beyond its training, established in July 2023.
He also follows a series of high -level scandals, including a civil servant accused of diversion of nearly 500 million wons ($ 342,000) in public funds to exchange the crypto, some of which came from donations for the recovery of the floods.
A former legislator was also recently authorized for charges after being accused of having hidden cryptographic assets. And last week, a supposed cryptography exploration operation In Gwangju, turned out to be a front for the illegal game which channeled more than 140 million won ($ 95,000).
The FSC has also issued a warning to users that the treatment of unregistered platforms has serious risks. Currently, 28 cryptographic companies are officially registered in South Korea.
Edited by Sebastian Sinclair
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