Quick Breakdown
- •Google Play will require full FIU approval for crypto exchange and wallet apps in South Korea starting January 28.
- •Overseas exchanges face effective removal due to strict requirements like ISMS certification and local entity checks.
- •The policy shift could limit Korean investors’ access to offshore derivatives trading platforms.
South Korea is set to significantly tighten access to overseas cryptocurrency exchanges, as new Google Play policies require full regulatory approval before apps can remain available in the country, according to News1kr, a local South Korean report. Starting January 28, foreign virtual asset exchanges will only be allowed on Google Play Korea if they have completed formal registration approval with the Financial Intelligence Unit (FIU) under the Financial Services Commission.
According to industry sources, Google recently updated its policy for crypto exchanges and software wallets, making compliance with local regulations mandatory in every jurisdiction where apps are listed. In South Korea’s case, this goes beyond submitting paperwork. Exchanges must receive official FIU acceptance of their Virtual Asset Service Provider (VASP) registration to stay accessible.
FIU Approval Becomes a High Barrier for Foreign Exchanges
Securing FIU approval is a demanding process. It requires robust anti-money laundering systems, Information Security Management System (ISMS) certification from the Korea Internet & Security Agency, and, in practice, a domestic corporate presence. Financial authorities have also intensified reviews, including on-site inspections and major shareholder eligibility checks.
These requirements make approval extremely difficult for foreign platforms. As a result, major global exchanges such as Binance and OKX are expected to be blocked from Google Play Korea once the policy takes effect. Google confirmed that developers must upload documentation proving completed FIU approval, not just submission, and warned that non-compliant apps will be blocked for new downloads in South Korea.
Market Impact and Investor Concerns
The policy shift could have wide implications for Korean crypto traders. Many local investors rely on overseas exchanges for derivatives and futures trading, which remain restricted on domestic platforms like Upbit and Bithumb. Even users who already have the apps installed may face disruptions, as financial apps typically require frequent updates to function.
Google is applying similar standards in other major markets, including the US, EU, and Japan, reinforcing a global trend toward stricter regulatory alignment. Meanwhile, South Korea’s most prominent financial holding companies are accelerating their push into the stablecoin market.