South Korea’s Crypto Cleanup Hits 29 Exchanges
<p class="text-left mb-4 ">At least 29 overseas cryptocurrency exchange apps are no longer available for new downloads through South Korea’s Google Play Store. The affected platforms include OKX, Bybit, MEXC, KuCoin, Gemini, Backpack and BitMEX.</p><p class="text-left mb-4 ">Data compiled by local news outlet Digital Asset shows that the restrictions affect nearly 60% of the 50 largest foreign derivatives exchanges listed by CoinMarketCap.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Why did Google introduce the VASP requirement?</h2><p class="text-left mb-4 ">The restrictions stem from a policy change that Google introduced in January. Cryptocurrency exchanges and custodial wallet apps must now register with South Korea’s Financial Intelligence Unit, or FIU, as Virtual Asset Service Providers.</p><p class="text-left mb-4 ">Developers must submit proof of registration through the Google Play Console. Apps that cannot provide the required documents lose access to new installations and updates in South Korea.</p><p class="text-left mb-4 ">Previously installed versions may continue to operate for some time. However, the lack of security updates could gradually expose users to vulnerabilities.</p><p class="text-left mb-4 ">When the rule took effect on January 28, only 27 platforms had secured registration in South Korea. The list included major local exchanges such as Upbit and Bithumb.</p><p class="text-left mb-4 ">For global platforms such as <a href="https://jrkripto.com/tr/exchanges/binance" target="_blank" rel="noreferrer" class="text-primary underline">Binance</a>, Bybit and OKX, completing the registration process remains extremely difficult. Applicants typically need to establish a local company, build a compliant anti-money laundering system and obtain national information security certifications.</p><p class="text-left mb-4 ">The cost and bureaucracy involved have kept most major overseas exchanges outside the country’s registered market.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Which exchanges are affected?</h2><p class="text-left mb-4 ">According to Digital Asset’s list, the 29 affected apps are:</p><p class="text-left mb-4 ">OKX, Bybit, MEXC, KuCoin, BingX, XT.COM, Gemini, LBank, CoinW, BitMart, Pionex, BTCC, Ourbit, KCEX, ZoomEX, CoinEx, OrangeX, Phemex, CoinUp.io, Phemex Wallet, WEEX, MGBX, WhiteBIT, Bitrue, BitradeX, Backpack Exchange, CoinChief, BTSE and BitMEX.</p><p class="text-left mb-4 ">
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</p><p class="text-left mb-4 ">The outlet’s <a href="https://www.digitalasset.works/news/articleView.html?idxno=42150" target="_blank" rel="noreferrer" class="text-primary underline">table </a>also distinguishes between apps that Google has completely blocked from new downloads and those facing location-based restrictions.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Restrictions currently apply only to Google Play</h2><p class="text-left mb-4 ">The policy currently covers Google Play rather than the exchanges’ websites or Apple’s App Store. Android users can still attempt to download APK files directly or use a VPN, although these methods carry additional security risks.</p><p class="text-left mb-4 ">Users who already have the apps installed may also continue trading. The main problem will emerge over time, as outdated versions could become vulnerable to security flaws and compatibility issues.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">How could the market change?</h2><p class="text-left mb-4 ">South Korea has more than 10 million active cryptocurrency users, equivalent to nearly one-fifth of the country’s population. According to data from the Financial Services Commission, the local crypto market has reached a value of 95 trillion won.</p><p class="text-left mb-4 ">Analysts believe tighter access to foreign exchange apps could redirect more trading activity toward local platforms such as Upbit and Bithumb. That shift could strengthen the domestic exchanges’ influence over token listings and trading fees.</p><p class="text-left mb-4 ">Some users may instead move toward decentralized exchanges and non-custodial wallets. These services can fall outside Google’s licensing requirement, particularly when they do not hold customer assets or operate as traditional centralized exchanges.</p><p class="text-left mb-4 ">The Google Play restrictions form part of a broader regulatory campaign. South Korea previously introduced the Travel Rule, requiring service providers to share sender and recipient information for transfers above a specified threshold.</p><p class="text-left mb-4 ">The latest policy shows that South Korean authorities are continuing to tighten oversight of the crypto sector. While overseas platforms remain accessible through other channels, losing direct access to Android users could significantly reduce their reach in one of the world’s most active cryptocurrency markets.</p>
