South Korea Cracks Down on Overseas Crypto Exchanges via Google Play

South Korea's crypto market has tightened access to overseas exchanges after at least 29 major crypto exchange apps became unavailable for new downloads on Google Play. The affected platforms include OKX, Bybit, MEXC, KuCoin, Gemini, Backpack, and BitMEX. Google requires crypto exchanges and custodial wallet apps serving South Korean users to register as local Virtual Asset Service Providers (VASPs).

The restrictions apply only to Google Play and do not necessarily affect exchange websites or Apple's App Store. This move aims to regulate the market and ensure compliance with existing laws.