Since January 28, Google requires that cryptocurrency exchange applications intended for South Korean users be registered as a virtual asset service provider with the Financial Intelligence Unit. At least 29 of the 50 major crypto derivatives exchanges, including OKX, Bybit, MEXC, KuCoin, BingX, Gemini, Backpack and BitMEX, are no longer available to new users on Google Play in South Korea. This measure strengthens the Upbit-Bithumb duopoly in the local market, while users who have already installed these applications can continue using them but will no longer receive security updates. Websites and Apple’s App Store remain accessible for now. For foreign platforms, access to the Korean market will now require local compliance, including anti-money laundering measures and information systems security certification.
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