Google Blocks Binance and OKX from South Korea’s Play Store Starting January 28

Google Play Store is enforcing new rules that require all crypto platforms to prove registration with South Korea’s Financial Intelligence Unit (FIU) as Virtual Asset Service Providers, or face removal from the market.

The policy change affects millions of South Korean crypto traders who rely on mobile apps for trading. Prominent global exchanges remain unregistered, meaning their apps will be blocked from new installations and updates.

Registration Requirements Create High Barriers

For overseas exchanges, meeting South Korea’s registration requirements has proven nearly impossible. Platforms must establish a domestic corporate presence, obtain Information Security Management System (ISMS) certification from the Korea Internet & Security Agency, and implement comprehensive anti-money laundering frameworks. They also need partnerships with local banks for verified real-name accounts.

A Binance spokesperson says the company is “actively engaging with Google to seek a constructive resolution” while noting the policy “is not unique to Binance and impacts other crypto apps as well.” The spokesperson warned that users who change devices, perform factory resets, or uninstall apps will be unable to re-download them after the January 28 deadline.

Substantial Impact on Active Crypto Market

The restrictions will hit South Korea’s vibrant cryptocurrency market particularly hard. Siwon Huh, a researcher at South Korean crypto research firm Four Pillars, sayd “workarounds such as web browser trading or APK sideloading exist, but these are not realistic alternatives for security-sensitive financial applications.”

Source: @WuBlockchain

South Korea’s crypto market reached approximately $77.5 billion (108 trillion won) in the second half of 2024, nearly doubling from earlier in the year. More than 16 million South Koreans—roughly 30% of the population—actively trade cryptocurrencies. The market’s daily trading volume climbed to 7.3 trillion won, with the overall market capitalization standing at 95 trillion won ($64.6 billion) as of June 2025.

Part of Broader Regulatory Crackdown

This Google Play enforcement follows earlier regulatory actions by South Korean authorities. In March 2025, regulators requested Google Play to block 17 unregistered foreign crypto platforms. Two months later, Apple’s App Store blocked 14 cryptocurrency exchanges including KuCoin and MEXC from the Korean market.

The Financial Intelligence Unit has identified 22 unregistered platforms operating in South Korea. Failure to register as a Virtual Asset Service Provider carries serious penalties under the Special Financial Transaction Information Act, including fines up to 50 million won (approximately $35,000) and prison terms of up to five years.

South Korea’s broader regulatory environment continues to evolve. The country has delayed crypto taxation until January 2027 and recently passed legislation establishing frameworks for tokenized securities trading, set to take effect in 2027.

Why Foreign Exchanges Cannot Comply

Registration requirements effectively bar most international exchanges from the South Korean market. The process demands deep localization, including Korean security certifications, domestic anti-money laundering frameworks, and operational oversight that many overseas firms view as disproportionate for a single market.

While Binance has a 10% stake in the local crypto exchange Gopax, it does not have an official local entity in South Korea. OKX previously faced allegations of operating as an unregistered crypto exchange in the country. For these global platforms, establishing the required infrastructure would require massive investment with uncertain returns.

Existing Users Face Limited Options

Users who already have these apps installed may continue using them temporarily, but they will not receive security updates, bug fixes, or new features. Over time, outdated versions will become incompatible with newer Android operating systems, effectively forcing users to either switch to registered domestic exchanges or use web browsers to access international platforms.

Web-based access through desktop and mobile browsers remains available for now, though there is no guarantee these access points will remain open. The Korea Communications Standards Commission has the authority to order website blocks, though it has delayed such actions in the past.

The shift gives domestic exchanges like Upbit and Bithumb a significant competitive advantage. With reduced competition from international platforms, these licensed exchanges could gain more control over trading volume, token listings, and fee structures. However, Korean regulations prohibit domestic exchanges from offering cryptocurrency derivatives, driving many traders to seek international platforms for advanced trading products.

The Road Ahead

Google’s enforcement reflects a growing international trend toward tighter crypto regulation. Japan implemented similar restrictions in February 2025, removing apps for Bybit, Bitget, KuCoin, MEXC, and Bitcastle following warnings from the Financial Services Agency. The coordinated actions across major markets suggest cryptocurrency platforms must now operate within established financial oversight frameworks rather than skirting national licensing requirements.

For South Korean crypto traders, the January 28 deadline represents a turning point. The mobile app restrictions will reshape how millions access global cryptocurrency markets, potentially concentrating more trading activity on domestic platforms while limiting access to international exchanges that Korean investors have relied on for years.