Google Play to Block Binance, OKX From Korea Starting Jan 28

Google will implement new app market restrictions in South Korea beginning January 28, requiring all crypto exchanges and pockets suppliers on Google Play to submit documentation proving they’ve accomplished registration with the Financial Intelligence Unit as digital asset service suppliers.

According to native media News1, main abroad platforms, together with Binance and OKX, face fast elimination from the Korean market except they get hold of home company standing and Information Security Management System certification, necessities that successfully bar international exchanges from operation.

The coverage replace introduced on January 14 mandates that exchanges add “Report Receipt Complete” paperwork by way of Google’s Developer Studio throughout app registration.

According to Google’s assertion to News1, platforms failing to comply shall be blocked in Korea, stopping new consumer installations fully.

Beyond documentation submission, registration as a digital asset operator requires full compliance with anti-money laundering rules and ISMS certification from the Korea Internet & Security Agency, a course of that sometimes calls for vital time and infrastructure funding from abroad exchanges.

South Korea’s Google Play will implement new guidelines from Jan 28, requiring abroad crypto exchanges to full FIU VASP registration and procure formal acceptance to stay listed or replace apps. Google clarified that submitting alone is inadequate—proof of FIU approval have to be…

— Wu Blockchain (@WuBlockchain) January 16, 2026

Foreign Exchanges Face Registration Deadlock

The timing poses extreme challenges for worldwide platforms, as Korean monetary authorities not too long ago intensified scrutiny of virtual asset business operators by on-site inspections analyzing home workplace operations and main shareholder eligibility.

Obtaining FIU approval has confirmed just about unattainable for abroad exchanges missing bodily Korean presence and native company buildings.

This enforcement sample suggests an entire prohibition on international platforms’ entry, regardless of substantial home investor reliance on worldwide exchanges for derivatives buying and selling that’s at present blocked by home platforms like Upbit and Bithumb.

The restriction extends past preliminary downloads, as current customers lose performance with out common app updates, that are important for monetary buying and selling purposes that require safety patches and have enhancements.

While South Korea’s enforcement actions started in April 2025, when the FIU blocked 14 unregistered foreign crypto apps on Apple’s App Store, together with KuCoin and MEXC, Google’s coordinated implementation closes remaining entry channels.

The dual-platform crackdown follows March 2025 restrictions on 17 unregistered platforms through Google Play, establishing complete obstacles towards unlicensed worldwide operators.

Noncompliant platforms face penalties, together with fines of up to 50 million received and jail phrases of up to 5 years, below the Special Financial Transaction Information Act.

Registration necessities apply to any digital asset service supplier providing providers in Korea, supporting won-denominated transactions, or conducting advertising campaigns focusing on South Korean residents.

The FIU maintains an official record of registered VASPs on its web site, advising customers to confirm platform registration standing and withdraw funds from unregistered platforms to cut back danger.

Regulatory Framework Tightens Market Access

South Korea’s enforcement method mirrors necessities now normal throughout main markets, together with the United States, European Union, and Japan, the place Google mandates formal registration with native monetary authorities earlier than app publication.

Japan applied related restrictions in February 2025, eradicating apps for Bybit, Bitget, KuCoin, MEXC, and Bitcastle following warnings from the Financial Services Agency towards platforms providing Japanese-language providers with out native authorization.

These coordinated worldwide actions mirror rising regulatory consensus that cryptocurrency platforms should function inside established monetary oversight frameworks moderately than skirting nationwide licensing necessities.

The crackdown accompanies broader institutional growth in South Korea’s digital asset sector, as lawmakers not too long ago advanced legislation creating legal frameworks for tokenized securities trading set to take impact in 2027.

Meanwhile, company crypto funding restrictions courting to 2017 had been lifted in January, permitting listed corporations {and professional} buyers to allocate up to 5% of fairness capital to prime cryptocurrencies traded on the nation’s 5 main licensed exchanges.

Spot Bitcoin ETFs also gained approval below the 2026 Economic Growth Strategy, positioning regulated home merchandise as alternate options to abroad platform entry.

Enforcement depth has escalated throughout home operators as properly, with the FIU imposing ₩27.3 billion in fines on Korbit for about 22,000 anti-money laundering violations and issuing ₩35.2 billion in penalties towards Dunamu, the operator of Upbit, following complete inspections.

The regulatory surroundings continues to evolve as authorities implement the OECD’s Crypto-Asset Reporting Framework for automated cross-border tax data alternate starting in 2027, whereas debates persist over stablecoin governance and complete digital asset taxation, scheduled to launch in January 2027, regardless of ongoing infrastructure growth delays.

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