Google Play Prohibits Poloniex, KuCoin, MEXC: Action by South Korean Regulator

Poloniex, KuCoin, MEXC, and 14 other cryptocurrency exchange apps have been prohibited by Korean regulators from Google Play due to their lack of registration in the country.

South Korean authorities have blocked access to numerous foreign cryptocurrency exchange apps on Google Play, including Poloniex, KuCoin, MEXC, Phemex, and Bitrue, due to their unregistered operations in the country.

In a press release dated March 26, the Financial Intelligence Unit announced that Google began limiting access to 17 such apps due to their "unregistered operations targeting Korean users." Users in South Korea are no longer able to install these apps, and those who already have them cannot receive updates, according to the FIU.

Under South Korea's cryptocurrency regulations, all exchanges are required to register with regulators. The law also applies to foreign companies if they engage in business activities in Korea. The agency stated that foreign exchanges may be considered operating in Korea if they provide a Korean-language website, conduct marketing targeting Korean users, or support payments in Korean won.

Unregistered platforms pose risks such as leakage of personal information, hacking threats, and potential misuse for money laundering, according to authorities. The FIU also pointed out that users' funds and assets may not be protected since these exchanges are "not subject to financial regulations."

The agency expects the ban to "help prevent user damage and curb money laundering through virtual assets," and is currently in discussions with Apple Korea and the Korea Communications Standards Commission to apply similar restrictions to App Store apps and websites.

In early February, Apple quietly removed multiple crypto exchange apps from Japan's App Store at the request of authorities. Mobile applications for Bybit, KuCoin, Bitget, MEXC, and LBank are no longer available in Japan’s App Store. These exchanges had previously received warnings from Japan's Financial Services Agency for operating without registration.