Google has reportedly taken strict action against foreign crypto exchange apps by removing 17 unregistered apps from the Play Store. Following this, Apple is further preparing to ban these apps from the App Store. This move further comes after the South Korean Financial Services Commission (FSC) found these crypto platforms operating without legal licenses, further posing risks to investors.
Google removes 17 crypto exchange applications
The South Korean government directed Google to remove 17 foreign crypto apps from the Play Store due to non-compliance with regulations. Among the banned apps are:
- KuCoin
- MEXC
- Phemex
- BitTrue
- BitGloba
- CoinW
- CoinEX
The FSC stated that these bitcoin platforms lack government protection, which increases the risk of financial losses for investors.
Security and money laundering concerns
The FSC flagged serious security risks, stating that these apps:
- Could lead to personal data leaks
- Might result in loss of invested money
- Failed to meet anti-money laundering regulations, raising concerns about illegal financial activities.
Apple to take action next, after Google
After Google’s crackdown, Apple is also working on setting out to remove these crypto apps from the App Store. The Financial Intelligence Unit (FIU) and Korea Communication Standards Commission are actively identifying unregistered crypto apps to take necessary action.
Heavy fines and jail terms for offenders
The FSC has announced strict penalties for unregistered crypto businesses, including:
- Fines up to 50 million Korean won (Rs 29,00,000)
- Jail terms up to 5 years for those operating illegal crypto platforms.
India has already banned these crypto apps
Even before South Korea’s action, India had already banned several crypto exchange apps, including:
- Binance
- KuCoin
- Huobi
- Kraken
- Gate.io
- Bitstamp
- MEXC Global
- Bittrex
- Bitfinex
These apps are no longer available on the Google Play Store and the Apple App Store in India due to regulatory concerns.
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