Google Complies with South Korean Regulators, Removes 29 Crypto Exchange Apps

South Korea's Financial Services Commission has successfully pressured Google into pulling 29 crypto exchange apps from its Korean store. This move is seen as a strategic approach to regulating the cryptocurrency market, rather than a blanket ban.

The policy requires overseas exchanges to register with the Korea Financial Intelligence Unit before targeting the country. Google's own policy enforces this rule in South Korea, restricting access to unregistered exchanges for Android users.

This move is significant because it targets the ease of access and convenience for retail traders. Existing users may still have working apps, but the removal from the store limits new downloads and updates.

The banking rules add another layer of pressure on overseas exchanges. Transfers of 10 million won or more to unregistered platforms are now subject to reporting and risk checks, making it more difficult for users to circumvent regulations.