South Korean Regulator Blocks Key Exchange Apps from KuCoin and MEXC

South Korean financial authorities have ordered the blocking of Apple Apps used by 14 unreported foreign virtual asset operators, including prominent crypto exchanges KuCoin and MEXC. The action, taken by the Financial Intelligence Unit (FIU) as part of broader efforts to clamp down on unreported business activities, is aimed at curbing money laundering risks and protecting users. This move follows similar measures last month when regulators requested Google to block access to several crypto-related apps. The FIU statement emphasized that overseas crypto operators must report their domestic activities in accordance with the Act on Reporting and Use of Specific Financial Transaction Information, noting that failure to do so may lead to criminal consequences. The crackdown reflects South Korea’s increasing scrutiny and regulatory tightening within the crypto sector to enforce compliance and transparency.