South Korea Blocks 17 Unregistered Virtual Asset Firms Including KuCoin and MEXC from Google Play App

BlockBeats News, March 26th, according to the Financial Intelligence Unit (FIU) of South Korea, since March 25th, Google LLC has implemented domestic access restrictions on the Google Play apps of 17 overseas virtual asset service providers not registered in Korea. These service providers include KuCoin, MEXC, and others. Users will be unable to newly install the related apps, and existing users will also be unable to update them.

According to the "Specific Financial Transactions Information Act," unregistered overseas virtual asset service providers that offer services to Korean users, such as providing a Korean-language website, holding events to attract Korean customers, or supporting Korean won payments, are required to fulfill a registration obligation. Otherwise, they could face up to 5 years in prison or a fine of up to 50 million Korean won. In addition, FIU has referred some unregistered service providers to investigative agencies and continues to take measures to prevent users from being harmed by information leaks or financial losses.