South Korea’s New Rules Could Cut Traders Off From Binance and OKX Crypto Apps
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- South Korea will block non-compliant overseas crypto exchanges on Google Play from Jan. 28.
- Exchanges must secure FIU approval, making compliance difficult for offshore platforms.
- App removals and update bans could limit access for Korean crypto traders.
South Korea plans to restrict access to overseas crypto exchanges on Google Play starting January 28. The move could block new downloads and app updates for platforms like Binance and OKX.
Under the new rules, foreign crypto exchanges must both file a Virtual Asset Service Provider (VASP) report with the Financial Intelligence Unit (FIU) and receive official approval to stay listed on Google Play. Google says simply filing the report is not enough; exchanges must provide proof that the FIU has reviewed and accepted it.
Why Approval is Hard for Overseas Exchanges
To get FIU approval, a crypto exchange must set…
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