Korean Crypto Crackdown: Poloniex, KuCoin, MEXC Banned! 😱

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It is a truth universally acknowledged that a cryptocurrency exchange in possession of unregistered operations must be in want of a ban. Thus, the Korean regulators, in their infinite wisdom, have decreed that Poloniex, KuCoin, MEXC, and a host of other 14 crypto exchange apps shall no longer grace the hallowed halls of Google Play. 🚫📱

In a move that has left the crypto community aflutter, South Korean authorities have restricted access to these foreign exchanges, citing their audacious unregistered operations. One might wonder, dear reader, how these exchanges dared to operate without the proper credentials. The audacity! The temerity! The sheer cheek of it all! 😤

On the 26th of March, the Financial Intelligence Unit, in a press release that could only be described as momentous, announced that Google had begun restricting access to 17 such apps. Users in South Korea, alas, can no longer install these apps, and those who already possess them are doomed to a life without updates. A fate worse than death, one might say. 📜

Under the country’s crypto rules, all exchanges must register with regulators, a law that applies even to foreign companies if they engage in business activities in Korea. The agency has declared that foreign exchanges may be considered operating in Korea if they provide a Korean-language website, conduct marketing targeting Korean users, or support payments in Korean won. A rather comprehensive list, to be sure. 💼

Authorities have claimed that unregistered platforms pose risks such as the leakage of personal information, hacking threats, and potential misuse for money laundering. The FIU also noted, with a hint of paternal concern, that users’ funds and assets may not be protected since these exchanges are “not subject to financial regulations.” A dire situation, indeed. 🕵️‍♂️

The agency expressed its hope that the ban would “help prevent user damage and curb money laundering through virtual assets.” Furthermore, it is in discussions with Apple Korea and the Korea Communications Standards Commission to apply similar restrictions to App Store apps and websites. One can only imagine the consternation this has caused among the affected parties. 🍎

In early February, Apple, ever the obedient servant, quietly removed multiple crypto exchange apps from Japan’s App Store at the request of authorities. Mobile applications for Bybit, KuCoin, Bitget, MEXC, and LBank are no longer available in Japan’s App Store. These exchanges had previously been warned by Japan’s Financial Services Agency for operating without registration. A cautionary tale, if ever there was one. 🍣

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2025-03-26 12:10