South Korea blocks applications of 17 unregistered virtual asset companies including KuCoin and MEXC

According to the Financial Intelligence Unit (FIU) of South Korea, Google LLC has implemented domestic access restrictions on Google Play applications of 17 overseas virtual asset service providers that are not registered in South Korea since March 25th. These service providers include KuCoin, MEXC, and others. Users will not be able to install new related applications, and existing users will also be unable to update. According to the Specific Financial Transaction Information Reporting and Use Act, unregistered overseas virtual asset service providers who provide services to Korean users, such as offering Korean language websites, hosting events to attract Korean customers, or supporting Korean won payments, must fulfill their registration obligations. Otherwise, they will face imprisonment for up to 5 years or a fine of up to 50 million Korean won. In addition, FIU has transferred some unregistered service providers to investigation agencies and continues to take measures to prevent users from being harmed due to information leakage or financial losses.