Google Blocks Access to Apps of 'Unregistered' Overseas Virtual Asset Operators

Access to the applications of 17 foreign virtual asset service providers, including KuCoin and MEXC, which have been operating without registration targeting Koreans, has been blocked domestically.

According to the Financial Services Commission on the 26th, Google LLC took this measure from the previous day at the request of the Financial Intelligence Unit (FIU). As a result, it is no longer possible to newly install the apps of these 17 companies from the Google Play Store, nor can existing users update their apps.

The Financial Services Commission explained, "The domestic access block on Google apps of unregistered foreign operators will greatly help prevent money laundering using virtual assets and protect domestic users from damage in the future," adding, "We will continue consultations with related organizations such as Apple Korea and the Korea Communications Standards Commission to promptly implement blocking of unregistered foreign operators' Apple apps and websites."

Currently, the "Act on Reporting and Using Specified Financial Transaction Information (Special Act on Reporting Financial Transactions, or Special Act)" imposes a registration obligation on virtual asset service providers. Foreign virtual asset service providers are also subject to this law if they conduct business activities in Korea.

The FIU is responsible for identifying unregistered foreign operators and guiding registered operators not to transact with unregistered operators. In addition to notifying investigative agencies about unregistered operators, the FIU is promoting domestic access blocks on these sites and apps to prevent user damage caused by transactions with unregistered operators.

As of the previous day, a total of 28 virtual asset service providers have been legally registered under the Special Act. The list of registered operators can be found on the FIU website. The Financial Services Commission urged, "Users need to verify whether the virtual asset service provider they are dealing with is registered, and if it is unregistered, they should take measures such as withdrawing their virtual assets."