Korean regulator bans Poloniex, KuCoin, MEXC in Google Play

Korean regulators have prohibited Poloniex, Kucoin and Mexc, as well as the other Google Play crypto applications because of their operations not registered in the country.

The South Korean authorities have limited access to several foreign cryptocurrency exchange applications, including Poloniex, Kucoin,, MexcPhemex, and Bitrue, on Google Play, citing their operations not registered in the country.

In a March 26 press releaseThe financial intelligence unit announced that Google had started to restrict access to 17 of these applications due to their “unregistered operations targeting Korean users”. South Korea users can no longer install these applications and those who have already cannot receive updates, added the CRF.

According to the country’s crypto rules, all crypto exchanges must register with regulators. The law also applies to foreign companies if they engage in commercial activities in Korea. The agency said foreign exchanges could be considered to be operating in Korea if they provide a website in Korean language, lead marketing targeting Korean users or support payments in Korean.

Authorities say that unregistered platforms have risks such as leakage of personal information, hacking threats and potential improper use for money laundering. The CRF has also noted that user funds and assets may not be protected because these exchanges are “not subject to financial regulations”.

The agency said it expects the prohibition to “help to prevent user damage and curb money laundering through virtual assets”, adding that it takes place in discussions with Apple Korea and Korea Communications Commission to apply restrictions similar to applications and websites of the App Store.

At the beginning of February, Apple quietly removed Several crypto exchange applications of the Japan App Store at the request of the authorities. Mobile applications for Go throughKucoin, Bitget, Mexc and Lbank are no longer available in the Japanese App Store. These exchanges had already been warned by the Japan Financial Services Agency to operate without recording.