PANews reported on March 26 that, according to the request of the Financial Intelligence Analysis Unit (FIU) of South Korea, Google LLC has implemented domestic access restrictions on Google Play apps of 17 overseas virtual asset service providers that are not registered in South Korea since March 25. These service providers include KuCoin, MEXC, etc. Users will not be able to install new related apps, and existing users will not be able to update.
According to the Specific Financial Transaction Information Reporting and Use Act, unregistered overseas virtual asset service providers that provide services to Korean users, such as providing Korean websites, holding events to attract Korean customers, or supporting Korean won payments, must fulfill their registration obligations, otherwise they will face up to five years in prison or a fine of up to 50 million won. In addition, the FIU has transferred some unregistered service providers to the investigation agency and continues to take measures to prevent users from being harmed due to information leaks or financial losses.
