Google Play Changes Affect Crypto Exchange Access in South Korea

Severe Restrictions for Crypto Apps in South Korea

Google is implementing new requirements for crypto applications in South Korea, potentially significantly restricting access to offshore exchanges. According to a report by the news agency News1, starting January 28, applications for cryptocurrency exchanges and wallets listed on Google Play will need to demonstrate acceptance of their registration as virtual asset service providers (VASP) by the country's Financial Intelligence Unit (FIU).

Developers wishing to list apps for crypto exchanges or custodial wallets will have to upload proof of their registration acceptance. Apps that do not comply with this requirement could be blocked in South Korea, hindering new downloads and potentially leading to limited access over time.

Impact on Major Exchanges

Research indicates that Google’s updated policy could significantly impact major offshore exchanges such as Binance and OKX. While South Korea mandates that exchanges serving domestic users must register with the FIU, obtaining this registration can be challenging for offshore companies.

A Binance spokesperson confirmed that the firm is aware of the new policy but emphasized that it is not exclusive to Binance and also affects other crypto applications. Meanwhile, OKX has declined to comment on the situation.