🚨🚨 #BlockChainLaw 🚨🚨
🇰🇷 South Korea Cracks Down on 14 Overseas Crypto Exchanges
Date: April 11, 2025
South Korea just made a bold move in tightening its crypto regulations. The country has officially blocked 14 unregistered overseas crypto exchanges from the Apple App Store, citing non-compliance with local laws. Here's what's going on:
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⚠️ What Happened?
The Korea Financial Intelligence Unit (KoFIU) flagged these exchanges for operating without registering under South Korea’s virtual asset laws.
As a result, Apple was ordered to take down their apps, and access to their websites may be restricted soon.
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❌ List of Blocked Exchanges
1. KuCoin
2. MEXC
3. Phemex
4. Bitrue
5. CoinW
6. CoinEX
7. ZoomEX
8. Poloniex
9. BTCC
10. Blofin
11. CoinCatch
12. DOEX
13. WEEX
14. BitMart
These are all foreign-based platforms from places like Seychelles, Singapore, Hong Kong, the U.S., and the Cayman Islands.
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🔐 Why the Ban?
None of these platforms were legally registered with Korean authorities.
They also lack the ISMS (Information Security Management System) certification, raising red flags about user data protection and money laundering risks.
South Korea takes this seriously — operating without proper registration can lead to fines or even jail time.
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💳 What Does It Mean for Users?
You won’t find these apps on Apple’s App Store in Korea anymore.
Access to their sites might be blocked, and local credit card companies may stop processing payments to them.
If you’re trading on any of these platforms from Korea, you might want to move your funds to a registered exchange to avoid issues.
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🧠 Bottom Line
South Korea is setting an example of strict crypto enforcement. Whether you’re an investor or running an exchange, compliance is key if you want to do business in the Korean market.