South Korean regulators requested 14 apps from Apple — belonging to unreported international crypto operators — be blocked domestically, an announcement stated 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.
International digital asset enterprise operators that need to function in South Korea have to report back to the Monetary Intelligence Unit (FIU) in accordance with the Act on Reporting and Use of Particular Monetary Transaction Info, the assertion stated.
“Unreported enterprise actions are topic to felony punishment, and the FIU has been focusing on abroad unreported digital asset enterprise operators conducting home enterprise actions with out reporting (16 corporations in 2022, 6 corporations in 2023), whereas additionally blocking home entry via Web websites and cell phone apps,” the regulator stated.
South Korea has been transferring to dam crypto suppliers which might be working illegally. Final month it requested Google stop entry to 17 apps whereas studies got here out that the regulator deliberate to dam some exchanges websites.
“Sooner or later, FIU will proceed to dam home entry via cell functions (apps) and Web websites of abroad unreported digital asset operators as a way to stop cash laundering dangers and person harm, in session with related organizations,” the Monetary Intelligence Unit stated.