The South Korean regulators asked for 14 applications in Apple – belonging to unconcluded foreign cryptography operators – be blocked at the national level, a statement said on Monday.
The exchanges of Crypto Kucoin and Mexc are among the companies targeted by the regulator, and domestic access to their applications has been blocked since April 11. Coindesk contacted Kucoin and Mexc for a comment.
Trade operators for foreign virtual assets wishing to operate in South Korea must report to the financial intelligence unit (FIU) in accordance with the Declaration and Use of Specific Information Act, according to the press release.
“Uncorode commercial activities are subject to criminal sanctions, and the CRF has targeted virtual commercial operators undeclared abroad carrying out national commercial activities without reporting (16 companies in 2022, 6 companies in 2023), while blocking national access via websites and mobile phone applications,” said the regulator.
South Korea has moved to block the crypto providers who operate illegally. Last month, Google asked Google to avoid access to 17 applications while the reports said that the regulator planned to block certain exchanges.
“In the future, the CRF will continue to block domestic access via mobile applications (applications) and websites of virtual asset operators not reported abroad in order to avoid the risks of money laundering and damage to users, in consultation with competent organizations,” said the financial intelligence unit.
