Updated on:12/24/2025 05:05 PM 
South Korea's Financial Intelligence Unit (FIU) has intensified its regulatory oversight by targeting 14 offshore cryptocurrency exchanges that operate without proper authorization within the country's jurisdiction.
On April 14, the regulatory authority issued a formal directive to Apple, requesting the removal of 14 mobile applications associated with unregistered digital asset trading platforms from its App Store. This action represents a significant step in South Korea's comprehensive approach to cryptocurrency regulation.
The FIU's comprehensive list encompasses prominent international exchanges including KuCoin, MEXC, Phemex, BitMart, CoinEx, Poloniex, BitTrue, Blofin, CoinW, BTCC, ZoomEX, and CoinCatch. These platforms have been flagged for failing to meet South Korea's stringent regulatory requirements.
This enforcement action follows a similar initiative undertaken by the FIU two weeks prior, which targeted unregistered cryptocurrency applications on the Google Play Store, demonstrating a multi-platform regulatory approach.
According to the regulatory framework established by South Korean authorities, all cryptocurrency exchanges must adhere to strict anti-money laundering (AML) protocols and complete formal registration with domestic regulatory bodies. The regulations specifically apply to any foreign digital asset service providers that offer interfaces in Korean language, conduct marketing activities targeting Korean consumers, or facilitate transactions involving Korean Won.
The FIU emphasized that these regulatory interventions serve to protect investors and reduce potential exposure to financial crimes within the digital asset ecosystem. The agency further indicated its commitment to ongoing collaboration with relevant governmental institutions to extend restrictions to unregistered platforms across both mobile applications and web-based services.
Non-compliant cryptocurrency exchanges operating in South Korea may face severe legal repercussions, including potential imprisonment of up to five years or substantial financial penalties reaching 50 million Korean Won (approximately $35,000 USD).
In support of investor protection measures, the regulatory authority has established a publicly accessible database of registered cryptocurrency exchanges. The FIU strongly advised Korean users to transfer their digital assets from unregistered platforms to mitigate potential financial risks and safeguard their investments.
This comprehensive enforcement initiative reflects South Korea's broader commitment to establishing robust regulatory oversight for offshore cryptocurrency platforms while fostering a secure and transparent digital asset marketplace environment.
Notably, these regulatory developments coincide with increasing advocacy from major South Korean financial institutions calling for expanded opportunities for collaborative partnerships with cryptocurrency enterprises. This evolving landscape signals a growing industry demand for more clearly defined compliance frameworks and regulatory guidelines.
