Google has banned 17 unregistered crypto exchanges in its services and applications from the Play Store in South Korea due to the country’s rules and laws. The decision has come amid a crackdown on the anonymous nature of cryptocurrencies as a means for facilitating illicit activities. Apple has not moved but may do as Google did to align with local laws regulating the company's digital belonging and exchanges.

Highlights

• Google Play Store has blocked 17 unregistered crypto exchanges in South Korea.
• The move follows regulatory pressure to prevent illegal crypto operations.
• Apple has not yet taken action but may implement similar restrictions.
• South Korea enforces strict financial rules for digital asset platforms.
• The decision aims to protect users from fraudulent crypto activities.

Regulatory Crackdown on Crypto Exchanges

Recent reports show that South Korea has strengthened the regulation on digital assets whereby the Financial Intelligence Unit (FIU) demanded exchanges to register. The 17 sites were blocked due to their failure to observe the standards that led to Google taking action. There is no doubt that the authorities view non-registered exchange services as highly risky mainly due to fraud and money laundering. It highlights government focus to reign in the emerging and potentially explosive industry in the country.

Apple Likely to Follow Google’s Move

Apple is yet to pull the plug on unregistered crypto exchanges despite not banning them from the app store and experts see this as the next step. It has previously ensured compliance with legal conditions of certain jurisdictions in the market. Since the South Korean government has been tightening its hammer on compliance in the digital asset market, it is likely that Apple will bar non-compliance exchanges to reduce its legal repercussions.

Effect on Crypto Dealers and Investors

The removal of these exchanges could potentially cause disadvantage to traders relying on them for their trading needs. It is possible that the investors may be forced to switch to the registered platform as it operates under local financial regulation. While the advocates of this view think that it hampers consumers, the regulators state that such steps help shield consumers against mischief. This crackdown is still in line with the current action being implemented by the South Korean government to enhance the security of the crypto trading activities.