Odaily News South Korea’s Financial Services Commission (FSC) announced on April 11 that the apps of 14 crypto exchanges, including KuCoin and MEXC, were blocked in the Apple App Store due to unregistered operations. Prior to this, the Google Store had blocked 17 unregistered platforms on March 26.
The FSC said these platforms are suspected of serving Korean users as unregistered overseas virtual asset operators, posing a risk of money laundering and user losses. The Financial Information Analysis Unit (FIU) will continue to push for the banning of websites and applications of such platforms. According to FSC regulations, unreported virtual asset service activities are criminal offenses, punishable by up to five years in prison and a fine of 50 million won (about $35,000). (Cointelegraph)