South Korea Crypto Exchange Registration and Google Play Restrictions
- South Korea mandates crypto exchange registration by 2026.
- Google Play restricts unregistered exchanges like Binance.
- Domestic platforms may gain from new policy rules.
Google Play plans to ban overseas crypto exchanges from its South Korea store unless they complete VASP registration by January 28, 2026, impacting Binance, OKX, and Bybit.
The policy change could affect users’ access to foreign crypto platforms, possibly enhancing activity on domestic exchanges like Upbit and Bithumb while limiting derivatives and altcoin availability.
Google Play will ban overseas crypto exchanges from its South Korea store unless they complete FIU VASP registration by January 28, 2026. Major platforms affected include Binance, OKX, and Bybit, currently unregistered under South Korean regulations.
The regulation targets foreign exchanges lacking South Korean registration, aimed at enhancing security and compliance. This move aligns with Seoul’s efforts to bolster anti-money laundering measures and uphold stringent security requirements.
The restriction could impact South Korean users who rely on these platforms for trading derivatives and altcoins. Users might face challenges in transferring or liquidating assets, potentially shifting interest towards local centralized exchanges.
Local platforms may witness increased user engagement as foreign exchanges face restrictions. Though on-chain metrics relating to these shifts still need close attention, domestic entities like Upbit and Bithumb may benefit due to compliance.
Historically, South Korean measures have focused on financial compliance. In March 2025, a request to block unregistered apps was made, reflecting similar enforcement trends. Although web access remains unchanged, app restrictions underline the shift towards strict digital oversight.
Potential outcomes include increased centralization in the market and enhanced regulatory standards, bolstered by historical compliance trends. This aligns with global policies such as licensing needs in other major markets, indicating a broader movement towards regulation.
As of the available information, there are no direct quotes from key players in the cryptocurrency exchanges or leadership related to the enforcement of policy changes by Google Play in South Korea. The sources reviewed lack statements from individuals such as executives from Binance, OKX, Bybit, or Google. Additionally, no quotes from well-known crypto figures or experts concerning the impact or perspectives on this situation were found either.
