Google Play to ban foreign crypto exchange apps in South Korea
5.3 Regulation Google Play will delist unregistered foreign crypto exchange apps in South Korea from January 28, 2025, leaving only locally registered platforms available and restricting access to major global exchanges.
Starting January 28, 2025, Google Play will implement new regulations in South Korea, requiring all cryptocurrency exchange and wallet apps to be registered as Virtual Asset Service Providers (VASPs) with the Korean Financial Intelligence Unit (FIU). This move will lead to the removal of most foreign crypto exchange apps, including major platforms like Binance, Bybit, OKX, KuCoin, and MEXC, unless they secure local registration—a process considered challenging due to strict anti-money laundering and security standards. Only domestic exchanges that have completed FIU registration, such as Upbit and Bithumb, will remain available for download and updates on the Google Play Store. While users can still access foreign exchanges via web browsers or APK files, these alternatives are less secure and less convenient. This policy is expected to strengthen domestic exchanges, reduce asset diversity, and potentially drive some users toward decentralized finance (DeFi) or non-custodial wallets. The move aligns with South Korea’s broader efforts to tighten oversight, enhance transparency, and improve investor protection in the crypto sector.
