Google Play Restricts Access to 17 Unregistered Crypto Exchanges Catering to South Korean Users

Google Play implemented access restrictions to 17 unregistered overseas crypto exchanges catering to local users in South Korea at the request of the country's

The Financial Intelligence Unit (FIU) of the South Korean Financial Services Commission (FSC) is considering sanctions against 17 unregistered overseas virtual asset service providers (VASPs) operating in the country.

The FIU is currently putting together a plan to impose administrative sanctions on the 17 exchanges that did not register with the Korean authorities.

According to a report by the Korea Economic Daily on March 21, the FIU is required to report to the relevant institutions about the administrative sanctions to be imposed on the 18th time. The report adds that the FIU is currently in the final stages of preparing the sanctions.

Earlier in March, the FIU said it was coordinating with the Korea Communications Standards Commission (KCSC), the regulator in charge of the internet, on how they could block access to the exchanges.

The move follows a statement by the FSC, which threatens to impose administrative sanctions on crypto exchanges that do not register with the country.

The FIU has been collecting information on the exchanges and preparing to impose administrative sanctions.

The Korean institutions require VASP operators to report to regulators under the country’s Specified Financial Information Act. However, VASP operators are required to report to the Korean institutions.

The FIU is also coordinating with Apple Korea and the KCSC to block internet and App Store access to the exchange platforms.