Starting from January 28, Google Play will block cryptocurrency exchange and wallet applications that lack proper registration with South Korea’s financial authorities.
- Starting from January 28, Google Play will block cryptocurrency exchange and wallet applications that lack proper registration with South Korea’s...
- Under South Korean law, exchanges serving local users, including platforms that offer Korean-language interfaces, market to South Korean customers, support...
- Registration typically requires establishing a local legal entity, implementing anti-money laundering systems, undergoing on-site regulatory inspections, and obtaining certification under...
- The restrictions are expected to reshape competition in South Korea’s crypto market.
Keep reading for the full breakdown on Android apps — everything you need to know is covered below.
Under South Korean law, exchanges serving local users, including platforms that offer Korean-language interfaces, market to South Korean customers, support the won, and allow sign-ups from Korean IP addresses, are required to register with the Financial Intelligence Unit (FIU) as Virtual Asset Service Providers (VASPs).
If they fail to meet the requirement, exchanges like Binance, OKX and Bybit, which South Korean traders widely use despite lacking local VASP registration, will be removed from search results, barred from new downloads and prevented from receiving updates, even if they continue operating in other markets
Google Play ties crypto app access to FIU registration
Also, crypto exchanges and custodial wallet providers must upload proof of completed FIU registration acceptance through Google’s developer console.
Merely applying will not suffice. Registration typically requires establishing a local legal entity, implementing anti-money laundering systems, undergoing on-site regulatory inspections, and obtaining certification under South Korea’s Information Security Management System framework.
Meanwhile, South Korean users who already have affected apps installed may continue to use them for now, but those who change devices, reset their phones, or uninstall apps may be unable to re-download them after the deadline.
Users may still access foreign exchanges through mobile web browsers or by sideloading applications via APK files, but that is vulnerable to malware and phishing risks.
The restrictions are expected to reshape competition in South Korea’s crypto market. Domestic exchanges such as Upbit and Bithumb, which remain fully compliant, could consolidate their dominance as foreign rivals lose official app store access.
Part of a broader global policy shift
Google’s enforcement reflects a wider effort to align crypto apps with local financial regulations worldwide. In August 2025, Google Play updated its global policy to require country-specific licensing for exchanges and custodial wallets, including in South Africa, registration with FinCEN in the United States and authorisation as crypto-asset service providers in the European Union.
The crackdown contrasts with South Korea’s parallel push to integrate blockchain technology into traditional finance.
Lawmakers recently passed amendments to the Electronic Securities Act and Capital Markets Act, introducing a framework for tokenised securities within the regulated financial system.
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