Google Play has announced a significant policy change affecting the accessibility of foreign cryptocurrency exchanges for users in South Korea. The platform will ban apps belonging to overseas Virtual Asset Service Providers (VASPs) that have failed to secure mandatory operating licenses from South Korea’s Financial Intelligence Unit (FIU). This move directly supports the country’s stringent anti-money laundering (AML) and consumer protection regulations, which require all crypto exchanges servicing domestic users to register locally. While South Korean residents can still use licensed domestic exchanges, this ban prevents access to non-compliant foreign platforms via the Google Play Store, thereby minimizing the risk associated with unregulated overseas trading environments. The measure mirrors similar enforcement actions taken by the government and other major app distributors to ensure market compliance.
Source: Google Play to ban overseas crypto exchanges from South Korea store
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