Apple has blocked access to 14 cryptocurrency apps, at the request of the South Korean financial services regulator. The ban applies to crypto exchange apps operated by KuCoin, MEXC, and 12 other companies.
The country’s Financial Services Commission (FSC) says that all 14 exchanges were operating illegally, and that Apple must not permit the apps to be installed or updated after April 11 …
The FSC last month asked Google to block access to 17 crypto apps, taking effect from March 25. It’s unclear why the Apple block applies from the later date of April 11. It says that none of the exchanges had registered with the regulator, a legal requirement for operating in the country.
Overseas virtual asset operators who want to conduct domestic business activities must report to the Financial Information Analysis Service (hereinafter referred to as FIU) in advance […]
Unreported business activities are criminal punishment* matters, and FIU has been promoting the blocking of domestic access through Internet sites and mobile phone apps while identifying foreign unreported virtual asset operators (16 companies in 22 years, 6 companies in 23 years) that conduct domestic business activities without reporting.
The maximum penalty for failure to comply is imprisonment for up to five years.
There is no suggestion that either Apple or Google have broken the law, and in both cases the wording used is that the app stores were “requested” (rather than ordered) to remove the apps. Both companies complied.
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Via CoinDesk. Photo by Traxer on Unsplash.
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