- Google Play will require FIU-approved registration for crypto apps in South Korea.
- Offshore exchanges like Binance and OKX could face download restrictions.
- The move contrasts with Korea’s push to legalize tokenized securities.
Google is tightening the rules for crypto apps in South Korea, a move that could quietly reshape how local users access some of the world’s largest offshore exchanges. Starting Jan. 28, Google Play will require crypto exchange and custodial wallet apps to prove they have secured regulatory acceptance from South Korea’s Financial Intelligence Unit (FIU). Apps that fail to meet the standard risk being blocked from downloads in the country.
Google Play ties crypto apps to local approval
Under the updated policy, developers must upload documentation confirming their Virtual Asset Service Provider (VASP) registration has been accepted by the FIU. Google clarified that this proof must be submitted directly through its developer console.
If an app does not comply, it may no longer be available for new downloads in South Korea. Over time, that could disrupt access for users who switch devices, reinstall apps, or perform major operating system updates.
While the policy does not ban crypto trading outright, it effectively links app availability to formal regulatory clearance — a high bar for offshore platforms.
Binance and OKX among exchanges at risk
South Korean media reports suggest the changes could significantly affect global exchanges such as Binance and OKX. Both platforms operate internationally, but South Korea requires any exchange serving domestic users to register locally with the FIU.
That process is demanding. Companies typically need a local legal entity, robust anti-money laundering systems, on-site inspections, and Information Security Management System (ISMS) certification. Offshore firms have often struggled to meet those requirements.
Binance holds a minority stake in the local exchange Gopax but does not operate a fully registered local entity. OKX has previously faced accusations of offering services without proper registration in the country.
A Binance spokesperson said the company is aware of the policy shift and emphasized that it applies broadly across the industry. Binance added that some users may temporarily lose the ability to re-download the app once the rules take effect, while discussions with Google continue. OKX declined to comment.
Part of a broader global crypto policy
Google’s move is not unique to South Korea. It reflects a wider effort by Google Play to align crypto apps with local financial regulations worldwide.
In August 2025, Google updated its global crypto app policy, requiring exchanges and wallet providers to meet country-specific licensing standards. In the United States, that means registration with agencies such as FinCEN. In the European Union, developers must qualify as licensed crypto-asset service providers.
South Korea is now one of the latest jurisdictions where enforcement is becoming more visible — and more impactful.
The timing is notable. While Google tightens access to unregistered crypto apps, South Korea is simultaneously embracing blockchain within traditional finance.
Lawmakers recently approved amendments that allow tokenized securities and blockchain-based settlement under existing securities laws. These reforms aim to modernize capital markets while keeping investor protections firmly in place.
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Together, the developments highlight South Korea’s dual-track approach: stricter oversight of crypto trading platforms, paired with growing support for regulated blockchain innovation.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. CoinBrief.io is not responsible for any financial losses.
