South Korea is tightening restrictions on app downloads in the cryptocurrency market. At least 29 overseas cryptocurrency exchange apps are no longer available for new users to download on Google Play, including platforms such as OKX, Bybit, MEXC, KuCoin, Gemini, Backpack, and BitMEX.

Affected platforms

With these apps removed, the barrier for South Korean users to access related services on Android devices has increased. This restriction covers multiple major overseas exchanges, and its scope is not limited to a single platform.

Regulatory requirements

Google requires cryptocurrency exchanges and custodian wallet apps that offer services to South Korean users to first register as local virtual asset servicers (VASPs). This means that platforms must meet local compliance requirements if they want to continue reaching users through app stores.

Scope of influence

The current restrictions only apply to Google Play and may not necessarily affect exchange websites or Apple's App Store. In other words, access to these platforms' services may still be available through other channels.