Recently, South Korea has taken strict action against the unruly cryptocurrency exchanges. The country’s Monetary Products and Services Fee (FSC) asked Google to block 17 foreign crypto trading platforms, including big names like Kucoin and Mexc. Subsequently, Google has removed the apps of these platforms from Google Play Games Bind. With this step, efforts are being made to stop the uncontrolled expansion of the Crypto Market in the country. If you want to know that What is cryptocurrency So click on the link.
South Korea’s strict action in association with Google
According to FSC, these exchanges violated the law of South Korea as they were not registered as Digital Asset Carrier Suppliers (VASPS). Under South Korea’s Explicit Monetary Transactions Occupation, it is mandatory to register all crypto exchanges with Monetary Understanding Unit (FIU). There is a provision of heavy fine and imprisonment against the exchange that do not follow this rule.
Let me tell you that in 2022 also, FIU identified 16 unregistered exchanges and banned their operations. Six more platforms were targeted in 2023. Now, this action is being tightened in collaboration with Google and other major companies. The main problem of these exchanges was that he had supported running websites in Korean language, serving local traders and transactions in Korean Won, which suspected that they were promoting Eagle activity.
India has also taken strict steps
Even before this, many countries have taken action on foreign crypto trading platforms. Where the crypto exchanges like Kucoin, Coinbase and Binance had to stop their operations in India due to lack of register with Fiu Bharat. However, now these exchanges have registered with FIU in India and can start their operations in India soon. According to the information till the end of 2025 Coinbase returns to India Might be possible. After this, other exchanges can also start their operations in India. At present, an official date is yet to be announced by all these exchanges.
Conclusion
This step has been taken with the aim of organizing South Korea’s Crypto Market and preventing Eigal Activity like money laundering and fraud. This action has mainly affected foreign exchanges, which can lead to more benefit to the country’s major crypto alternate upbit. This move of the government is clearly an important step towards making South Korea’s Crypto Trade more secure and controlled.
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