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The Google PlayStore has recently restricted a few known foreign exchanges for download and usage through its platform in South Korea. The move to ban the availability of stores in the nation followed the direction of the Financial Conduct Authority.
It is worth noting that the Financial Conduct Authority of South Korea has argued with Google LLC to restrict the usage of 17 crypto exchanges in the nation’s territory; a few known names in the list are KuCoin and MEXC.
South Korea is tightening its grip on offshore exchanges
Experts say that the instructions from the financial agency came after the growing number of illicit cases concerning crypto, and a primary reason behind the ban is the lack of proper registration by these international crypto exchanges in the nation.
The ban restricts new users from downloading any of these 17 applications; those already having the application will not receive the updates. It is not the 1st time Google has restricted access to the applications offering crypto-based services.
It is the third time South Korea has banned crypto-based applications. In 2022, it banned 16 applications; in 2023, it banned six applications. Despite crackdowns from regulators, the nation has a structure for registering offshore exchanges.
There are a few primary reasons that are backing the surge in the usage of international exchanges in South Korea, and one of the primary reasons is the hassle faced by users on exchanges registered in South Korea.
Earlier today, the authorities of South Korea published a list of 22 unregistered exchanges in the nation and also said that of the 22, 17 of them have already been blocked in the region.
The progressive environment for cryptocurrencies in South Korea has opened a new debate globally, with some saying that the nation is expected to soon become the crypto hub. Yet, currently, the United Arab Emirates and Hong Kong are closely competing with each other to become a global crypto hub.
Crypto-related crime is at its peak in South Korea
On March 21, 2025, Todayq reported that a teacher in South Korea was jailed for two years for stealing crypto from students to buy crypto.
To tackle surging scams and frauds in South Korea concerning crypto, the nation has launched a dedicated crime unit for cryptocurrencies; in the same month, the authorities detained a resident of the country over receiving illicit crypto assets as payment for smuggling.
The total number of cryptocurrency users in South Korea is expected to hit 15.6 million by the end of 2025 and be above 20 million by the end of 2027. The most traded cryptos in SK are Bitcoin, XRP, Solana, Cardano, Dogecoin, Pepe, and Floki.
