Following Google, Apple has also blocked domestic access to foreign virtual asset service provider apps operating without registration.
The Financial Services Commission announced on the 14th that, at the request of the Financial Intelligence Unit (FIU), Apple has blocked domestic access to 14 foreign virtual asset service provider apps, including KuCoin and MEXC, which have been operating without registration targeting Korean nationals since the 11th.
As a result, these apps can no longer be newly installed, and existing users will not be able to receive app updates.
Google Korea also blocked domestic access to these virtual asset service provider apps through Google Play starting from the 25th of last month.
Under the Act on Reporting and Using Specified Financial Transaction Information (the Special Act on Reporting Financial Transactions), foreign virtual asset service providers are required to register if they conduct business activities in Korea. Operating without registration is subject to criminal penalties, including imprisonment for up to five years or fines up to 50 million KRW.
An FIU official urged, "Users should verify whether the virtual asset service provider they are dealing with is a registered business. If it is an unregistered business, we ask that users take measures such as withdrawing their virtual assets owned by themselves."
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