The Financial Services Commission (FSC) of South Korea recently asked Apple to remove 14 cryptocurrency trading applications, including applications from well-known exchanges such as KuCoin and MEXC, reports Japanese media outlets Yomiuri Shimbun, Asahi Shimbun, and Keitai Watch along with China’s IT Home.

The FSC stated that the 14 exchanges were operating illegally and asked Apple to prohibit users from installing or updating these apps after April 11. Previously, the FSC had asked Google to remove 17 cryptocurrency apps on March 25. It is not clear why Apple's apps were removed later than Google's.

Operators who fail to comply with the reporting requirements may be sentenced to up to five years in prison.

Image: IT Home

It is worth noting that the removal of the app was a "request" from the FSC to Apple, not an "order." Both Apple and Google have complied with the regulator's request. There is currently no evidence that Apple or Google has violated any law.

For the record: Korean law states that if overseas virtual asset operators want to conduct business in South Korea, they must first report to the Financial Information Analysis Unit (FIU). The FSC emphasized that undeclared business activities fall under the category of criminal penalties. FIU has been actively promoting the blocking of domestic access through Internet websites and mobile applications, and continues to identify undeclared foreign virtual asset operators. Data shows that a total of 16 companies were identified in 2022 and 6 in 2023.