South Korea Cracks Down on Unregistered Crypto Apps, Targeting KuCoin

South Korea has taken action against unregistered crypto platforms, targeting 14 applications through Apple’s app store as of April 11th. This move aims to mitigate money laundering risks and ensure compliance with local financial regulations. The Financial Intelligence Unit (FIU), a regulatory body in South Korea, initiated this operation, citing the need to curb illegal activities within the crypto sector. Key exchanges like KuCoin and MEXC were significantly impacted due to their lack of registration, as they operate outside the scope of South Korean law.