KuCoin, MEXC and 12 Crypto Exchanges’ Apple Apps Blocked in South Korea

South Korean regulators requested 14 apps from Apple — belonging to unreported overseas crypto operators — be blocked domestically, an announcement mentioned on Monday.

Crypto exchanges KuCoin and MEXC are among the many companies being focused by the regulator, and home entry to their apps have been blocked since April 11. CoinDesk reached out to KuCoin and MEXC for a remark.

Foreign digital asset enterprise operators that need to function in South Korea must report back to the Financial Intelligence Unit (FIU) in accordance with the Act on Reporting and Use of Specific Financial Transaction Information, the assertion mentioned.

“Unreported business activities are subject to criminal punishment, and the FIU has been targeting overseas unreported virtual asset business operators conducting domestic business activities without reporting (16 companies in 2022, 6 companies in 2023), while also blocking domestic access through Internet sites and mobile phone apps,” the regulator mentioned.

South Korea has been transferring to dam crypto suppliers which can be working illegally. Last month it requested Google forestall entry to 17 apps whereas stories got here out that the regulator deliberate to dam some exchanges websites.

“In the future, FIU will continue to block domestic access through mobile applications (apps) and Internet sites of overseas unreported virtual asset operators in order to prevent money laundering risks and user damage, in consultation with relevant organizations,” the Financial Intelligence Unit mentioned.