Google is introducing new requirements for crypto apps in South Korea, a move that could significantly limit access to overseas crypto exchanges by linking app availability to local regulatory approval.
According to South Korean media outlet News1, starting January 28, crypto exchange and wallet apps listed on Google Play in South Korea must submit documentation proving their Virtual Asset Service Provider (VASP) registration with the country’s Financial Intelligence Unit (FIU) has been approved.
Google clarified that developers must upload proof of completed FIU registration through the Google Play developer console. Apps failing to comply may be blocked in South Korea, preventing new downloads and potentially affecting ongoing access.
Binance and OKX Could Face Google Play Lockout
News1 highlighted that major overseas exchanges, including Binance and OKX, may be particularly affected by the update. While South Korea mandates FIU registration for any exchange serving domestic users, achieving formal approval can be challenging for offshore companies.
The registration process typically requires establishing a local legal entity, implementing anti-money laundering (AML) systems, undergoing on-site inspections, and obtaining Information Security Management System (ISMS) certification.
- Binance holds a 10% stake in South Korean exchange Gopax, but lacks an official local entity.
- OKX has previously faced allegations of operating in South Korea without registration.
A Binance spokesperson told Cointelegraph that the policy “is not unique to Binance and impacts other crypto apps as well.” They warned that users who change devices, perform factory resets, uninstall the app, or update the OS may temporarily be unable to re-download the app once the new rules take effect.
“We are actively engaging with Google to seek a constructive resolution,” Binance added. “We remain fully committed to providing secure, reliable, and compliant services worldwide.” OKX declined to comment.
Part of a Global Google Play Policy Shift
The new requirement reflects Google’s global enforcement of its cryptocurrency app policy, rather than a directive from South Korean regulators. The rollout aligns crypto apps with local financial regulations in multiple jurisdictions.
On August 14, 2025, Google Play updated its Cryptocurrency Exchanges and Software Wallets policy, requiring exchanges and custodial wallets to meet licensing and regulatory standards in their operating regions. In the U.S., developers must register with authorities like FinCEN, while EU-based apps must qualify as licensed crypto-asset service providers.
Regulatory Developments in South Korea
The Google Play enforcement comes as South Korea advances a separate regulatory track focused on blockchain integration in capital markets.
The National Assembly recently passed amendments to the Electronic Securities Act and the Capital Markets Act, introducing tokenized securities and enabling the regulated distribution of investment contract securities. The new framework treats blockchain-issued securities as traditional financial instruments, subject to disclosure, licensing, and investor protection requirements.
