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South Korea is cracking down on unregistered cryptocurrency exchanges, prioritizing investor safety and national financial stability. Apple recently removed 14 crypto exchange apps, including those belonging to KuCoin and MEXC, from its South Korean App Store. This action, confirmed by the Financial Services Commission (FSC), stems from the exchanges’ failure to comply with the country’s licensing requirements. By blocking access to non-compliant platforms, South Korea aims to establish a more regulated and secure crypto market, mitigating potential risks and protecting investors from unregulated activities. This move underscores the country’s commitment to enforcing stringent regulations within its burgeoning digital asset landscape.
