South Korea Blocks Access to 29 Overseas Crypto Exchange Apps on Google Play
South Korea's cryptocurrency market has tightened access to overseas exchanges after at least 29 major crypto exchange apps were removed from Google Play. The platforms that became unavailable for new downloads include OKX, Bybit, MEXC, KuCoin, Gemini, Backpack, and BitMEX. According to the source, Google requires crypto exchanges and custodial wallet apps serving South Korean users to register as local Virtual Asset Service Providers (VASPs). This restriction only applies to Google Play and does not affect exchange websites or Apple's App Store.
The removal of these apps from Google Play has significant implications for South Korea's cryptocurrency market. Crypto enthusiasts in the country will now face difficulties accessing various overseas exchanges, potentially limiting their investment options. The exact impact on the market remains to be seen.