Google Enforces Crypto App Crackdown in South Korea, Threatens Binance and OKX Access
Google Play Store will remove unregistered cryptocurrency exchange apps from South Korea's market starting January 28, targeting major platforms like Binance and OKX. The policy requires proof of registration with South Korea's Financial Intelligence Unit (FIU) as Virtual Asset Service Providers.
Registration barriers include establishing domestic corporate presence, obtaining ISMS certification, and implementing anti-money laundering frameworks—requirements that have prevented most global exchanges from compliance. Binance confirms active negotiations with Google, warning users about irreversible app removal after the deadline.
The MOVE disrupts South Korea's crypto trading ecosystem, where mobile apps dominate transaction volumes. Analysts predict potential liquidity fragmentation as traders migrate to alternative platforms or web-based interfaces.
