Apple Removes 14 Crypto Apps in South Korea Amid Surprise Crackdown

Apple has removed 14 cryptocurrency apps from its South Korean App Store following a request from the country’s Financial Intelligence Unit (FIU). Among the apps pulled are two global crypto exchanges, KuCoin and MEXC. The FIU accused these platforms of offering services without registering in the country, labeling them as operating “unreported business activities.”

Good to know

• South Korea has removed major crypto apps like KuCoin and MEXC from both Apple and Google platforms.
• Over 16 million South Koreans use domestic crypto exchanges—nearly one-third of the population.
• A government pilot in 2025 will allow businesses to buy and hold crypto, ending a ban in place since 2017.

The same two exchanges, along with 15 others, were also delisted from Google Play last month under similar regulatory pressure.

The crackdown has raised eyebrows, especially given how rapidly crypto adoption is growing in South Korea. Government data shows that by late February, more than 16 million people had opened accounts on the country’s five largest local exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax. That figure represents nearly a third of the entire population.

Adding to the surprise is South Korea’s ongoing shift toward a more welcoming crypto environment. In February, the Financial Services Commission announced a 2025 pilot program that would allow 3,500 businesses to invest in crypto for financial and strategic purposes. Business-related crypto activity has been banned in South Korea since 2017.

Banks have also been actively exploring crypto partnerships, responding to changing regulations and a maturing digital asset market.

Still, despite these progressive moves, regulators appear unwilling to tolerate unlicensed foreign operators. The FIU has drawn a clear line, targeting apps that fail to comply with domestic requirements, including proper registration and anti-money laundering safeguards.