Google Play Crypto Apps Ignore South Korea's Regulatory Crackdown
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 1h ago- Compliance Crisis: Despite the Financial Intelligence Unit's compliance deadline of January 28, 2025, multiple unregistered cryptocurrency platforms like Binance and Bybit remain available on Google Play, directly challenging national regulatory authority and potentially exposing investors to higher risks.
- Missing Registration Requirements: Under the Financial Transactions Reporting Act, all virtual asset service providers operating in South Korea must register and establish local offices; however, many offshore exchanges have failed to comply, exacerbating compliance gaps and affecting market stability.
- Technical and Jurisdictional Challenges: South Korean regulators face complexities in enforcing policies on global platforms, as Google, being a U.S. company, is subject to international legal frameworks, leading to delays in regulatory actions.
- Competitive Imbalance: Registered Korean exchanges must adhere to strict compliance requirements, increasing operational costs, while unregistered platforms can exploit regulatory differences to attract users, potentially diminishing the market share of compliant exchanges and impacting overall investor protection.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
