Google Play will require completed Financial Intelligence Unit registration acceptance for cryptocurrency exchange apps in South Korea starting January 28, effectively blocking major foreign platforms from the country's Android users.
Only 27 domestic exchanges have completed the Virtual Asset Service Provider registration process with South Korea's FIU.
Major international platforms including Binance, Bybit and OKX lack the required registration, meaning their apps will become unavailable for new downloads and updates through Google Play.
Registration Requirements Create High Barriers
Obtaining FIU registration acceptance requires foreign exchanges to establish a local legal entity, implement anti-money laundering systems, undergo on-site inspections and obtain Information Security Management System certification from Korean authorities.
Google clarified to Korean media outlet News1 that developers must upload proof of completed registration acceptance through its developer console, not merely evidence of application submission.
South Korean financial authorities have intensified scrutiny of cryptocurrency operators, conducting on-site office inspections and reviewing shareholder eligibility for registration candidates.
A Binance spokesperson told Cointelegraph the company is "actively engaging with Google to seek a constructive resolution" while noting the policy affects multiple crypto platforms.
Users who uninstall apps, change devices or perform factory resets will be unable to reinstall affected applications after the January 28 deadline.
Part of Global Policy Enforcement
The South Korea enforcement follows Google Play's August 2025 policy update requiring cryptocurrency apps to meet country-specific licensing standards across multiple jurisdictions including the United States, European Union and Japan.
The crackdown builds on a March 2025 action when South Korean authorities blocked 17 unregistered foreign exchange apps through Google Play at the FIU's request.
The app restrictions arrived as South Korea's National Assembly passed amendments to the Electronic Securities Act and Capital Markets Act on January 15, establishing a legal framework for tokenized securities expected to take effect in January 2027.
The contrasting approaches highlight South Korea's dual strategy of restricting unregistered consumer crypto platforms while advancing regulated blockchain infrastructure for traditional securities markets.