Google Play Set to Block Binance and OKX from South Korea Starting January 28

Summary: Starting January 28, Google Play will enforce new regulations in South Korea, requiring all cryptocurrency exchanges and wallet providers to prove their registration as virtual asset service providers with the Financial Intelligence Unit. Major platforms like Binance and OKX may be removed from the Korean market if they fail to comply.

Key Takeaways

Starting January 28, Google Play will require crypto exchanges in South Korea to provide proof of compliance with local regulations.
Platforms like Binance and OKX could be removed from the Korean market without proper domestic registration.
Compliance includes anti-money laundering regulations and certification from the Korea Internet & Security Agency.
The crackdown reflects a broader trend in governing cryptocurrency platforms worldwide, including similar actions in Japan and the US.

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

New Regulations for Crypto Exchanges in South Korea

Google is set to introduce stricter app market rules in South Korea on January 28. These rules mandate that all cryptocurrency exchanges and wallet services available on Google Play must submit proof of registration with the Financial Intelligence Unit (FIU) as virtual asset service providers.

Reports from the local media outlet News1 indicate that major international platforms, including Binance and OKX, could face immediate removal from the South Korean market unless they establish a domestic corporate presence and obtain certification under the Information Security Management System (ISMS). This effectively makes it difficult for foreign exchanges to operate in the country.

The recent policy update, announced on January 14, requires exchanges to upload “Report Receipt Complete” documents through Google’s Developer Studio during the app registration process.

According to Google's statement reported by News1, platforms that fail to meet these requirements will be blocked in South Korea, which means new users will not be able to install their apps.

Challenges for Foreign Exchanges

In addition to providing documentation, registration as a virtual asset operator necessitates compliance with rigorous anti-money laundering laws and ISMS certification from the Korea Internet & Security Agency. This process usually demands significant investments in infrastructure and time, making it difficult for overseas exchanges to comply swiftly.

The timing of these regulations poses substantial obstacles for international platforms, especially since South Korean financial authorities have recently intensified their scrutiny of virtual asset businesses through on-site inspections that focus on local office operations and eligibility requirements for major shareholders.

For foreign exchanges without a physical presence in South Korea, obtaining FIU approval has been nearly impossible. This enforcement policy suggests an effective ban on foreign platforms, while many domestic investors continue to rely on international exchanges for derivatives trading, which is currently restricted on local platforms like Upbit and Bithumb.

These restrictions do not solely limit new downloads. Existing users will also lose functionality without regular app updates—updates are essential for secure financial trading applications that provide necessary security patches and feature improvements.

Pattern of Stricter Enforcement

The enforcement actions by South Korean authorities began in April 2025, when the FIU prohibited 14 unregistered foreign crypto applications on the Apple App Store, including KuCoin and MEXC. Google's recent implementation further limits access for these platforms.

In March 2025, further restrictions affected 17 unregistered platforms through Google Play, establishing comprehensive barriers against unlicensed international operators.

Platforms that do not comply with these new regulations may face penalties, which could include fines reaching 50 million won and prison terms of up to 5 years, as outlined in the Special Financial Transaction Information Act.

These registration requirements apply to any virtual asset service provider that offers services in South Korea, facilitates won-denominated transactions, or conducts marketing campaigns targeting residents.

The FIU maintains an official list of registered virtual asset service providers (VASPs) on its website and advises users to verify the registration status of platforms while urging them to withdraw funds from any unregistered services to mitigate risks.

Evolving Regulatory Landscape

South Korea's strict enforcement actions are in line with requirements now being adopted in major markets, including the United States, European Union, and Japan, where Google demands formal registration with local financial authorities before applications can be published.

Japan had similar restrictions in place since February 2025, when the Financial Services Agency issued warnings and subsequently removed apps for several platforms, including Bybit, Bitget, and others that lacked local authorization while offering Japanese-language services.

These global actions indicate a growing regulatory consensus that cryptocurrency platforms must operate within established financial oversight boundaries, rather than avoiding national licensing requirements.

This crackdown on foreign exchanges coincides with broader institutional developments in South Korea's digital asset sector. Recently, lawmakers have pushed forward legislation aimed at creating legal frameworks for tokenized securities trading, expected to come into effect in 2027.

Additionally, restrictions on corporate crypto investments that were imposed in 2017 were lifted in January, enabling listed companies and professional investors to allocate up to 5% of their equity capital to top cryptocurrencies traded on the five major legalized exchanges in South Korea.

Spot Bitcoin ETFs have also gained approval as part of the 2026 Economic Growth Strategy, establishing regulated domestic products as alternatives to accessing overseas platforms.

Enforcement actions have also intensified against domestic operators, with the FIU imposing a fine of ₩27.3 billion on Korbit for around 22,000 anti-money laundering breaches, and issuing ₩35.2 billion in penalties against Dunamu, the operator of Upbit, after detailed inspections.

The regulatory environment continues to progress, with authorities implementing the OECD’s Crypto-Asset Reporting Framework for automatic cross-border tax information exchange set to start in 2027. Ongoing debates consider stablecoin governance and a comprehensive digital asset taxation system, set to launch in January 2027, although delays in developing the necessary infrastructure persist.