Google Play Policy Shift Threatens Crypto Exchange Access in South Korea
Google's updated policy requires crypto apps in South Korea to prove FIU registration, potentially blocking offshore exchanges like Binance and OKX.Summary
Google is implementing updated crypto app requirements in South Korea starting January 28th, mandating that crypto exchange and wallet apps prove their Virtual Asset Service Provider (VASP) registration acceptance from the country's Financial Intelligence Unit (FIU) via the developer console. Failure to comply risks app blocking, preventing new downloads and potentially disrupting existing users who reinstall the app. This change is expected to significantly impact major overseas exchanges like Binance and OKX, as obtaining formal local registration is complex, often requiring a local entity and ISMS certification. Binance acknowledged the policy, noting it affects other apps, and is engaging with Google for a resolution. This enforcement aligns with Google's broader global policy to ensure crypto apps meet local financial regulations, contrasting with South Korea's simultaneous advancement of tokenized securities laws.
(Source：Cointelegraph)