South Korea Forces Google to Yank Offshore Crypto Exchange Apps

South Korea has taken a unique approach to regulating cryptocurrency exchanges by pressuring Google into pulling 29 offshore exchange apps from its Android store. This move follows a policy that requires developers to have successfully filed a Virtual Asset Service Provider report with the commissioner of the Korea Financial Intelligence Unit before targeting the country.

The affected apps include Bybit, MEXC, HTX, KuCoin, Gemini, Backpack, and BitMEX, among others. Existing users may still have working apps, but new downloads and updates are restricted. The policy change is significant because it affects the easiest path for retail traders to access offshore exchanges.

The banking rules also play a crucial role in this regulatory lever. South Korea's Financial Services Commission proposed that virtual asset transfers of 10 million won or more to an overseas VASP or digital wallet service provider should be reported to KoFIU, regardless of the assessed risk level.