Google Play requires the Financial Intelligence Unit (FIU) to complete the acceptance of reports for cryptocurrency exchange apps in Korea starting from January 28, resulting in major overseas platforms being effectively blocked from Korean Android users.
Currently, only 27 exchanges have completed the registration with the FIU in Korea for virtual asset service providers (VASP).
Major global platforms including Binance, Bybit, and OKX are expected to be unable to have their apps newly downloaded and updated on Google Play due to failure to meet essential reporting requirements.
Strict reporting requirements form a high barrier to entry
To receive FIU notification acceptance, overseas exchanges must establish a corporation in Korea, build an anti-money laundering (AML) system, undergo on-site inspections, and obtain information security management system (ISMS) certification from Korean authorities.
Google has clearly stated to Korean media News1 that developers must upload proof of 'notification acceptance completion' to the developer console, not just proof of notification receipt.
Korean financial authorities are strengthening supervision of cryptocurrency operators, reviewing not only the on-site inspections but also the shareholder eligibility of the reporting companies.
A Binance spokesperson told Cointelegraph, 'We are actively negotiating with Google to find a constructive solution,' mentioning that this policy affects several virtual asset platforms.
If a user deletes the app, changes devices, or performs a factory reset, they will not be able to reinstall the app after January 28.
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As part of global policy enforcement
The recent measures in Korea are in accordance with the policy updated by Google Play in August 2025, which requires cryptocurrency apps to meet national licensing standards across various jurisdictions, including the United States, the European Union, and Japan.
This tough measure is based on the action taken in March 2025, when Korean authorities blocked 17 unreported overseas exchange apps on Google Play at the request of the FIU.
The app restriction measure was implemented in line with the moment the National Assembly passed the amendments to the Electronic Securities Act and the Capital Markets Act on January 15. The amendment aims to lay the legal foundation for security tokens, targeting implementation in January 2027.
The opposing movements show that Korea is adopting a dual strategy of limiting unreported consumer cryptocurrency platforms while fostering a regulated blockchain infrastructure for traditional securities markets.
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