South Korea regulators requested 14 Apple applications, belonging to unrelated foreign cryptographic operators, are blocked nationwide, according to a statement on Monday.
Kucoin and Mexc cryptographic exchanges are among companies that are being attacked by the regulator, and domestic access to their applications has been blocked since April 11. Coendesk communicated with Kucoin and Mexc for a comment.
Commercial operators of foreign virtual assets wishing to operate in South Korea must inform the Financial Intelligence Unit (FIU) in accordance with the Law on Reports and Use of Specific Financial Transaction Information, according to the statement.
“The non -reported commercial activities are subject to criminal punishments, and the FIU has been aimed at commercial operators of virtual assets not reported abroad that carry out national commercial activities without reports (16 companies in 2022, 6 companies in 2023), while blocking national access through Internet sites and mobile phone applications,” said the regulator.
South Korea has been moving to block cryptography suppliers that operate illegally. Last month he asked Google Prevent Access to 17 applications, while reports that the regulator planned to block some exchanges sites.
“In the future, the FIU will continue to block national access through mobile applications (app) and internet sites for virtual asset operators not reported abroad to avoid risks and damage by the money laundering user, in consultation with relevant organizations,” said the financial intelligence unit.
