South Korea Cracks Down on Overseas Crypto Exchanges

The South Korean crypto market has imposed restrictions on overseas exchange apps after 29 major platforms became unavailable for new downloads on Google Play. The affected exchanges include OKX, Bybit, MEXC, KuCoin, Gemini, Backpack, and BitMEX. According to the requirement by Google, these exchanges must register as local Virtual Asset Service Providers (VASPs) to serve South Korean users.

The restriction only applies to Google Play and does not affect exchange websites or Apple's App Store. This move is likely aimed at tightening access to overseas exchanges for South Korean crypto investors.