- Major international exchanges, including Binance and OKX, could be affected by the app store restrictions.
- For Korean retail users, the immediate impact will be reduced access to offshore exchanges.
South Korea’s crypto market is heading into a pivotal test as Google Play prepares to cut off many offshore trading apps while lawmakers clear the way for tokenized securities in the country’s capital markets.
According to local media outlet new1, from Jan. 28, crypto exchange and custodial wallet apps on Google Play in South Korea must upload proof that the Financial Intelligence Unit has accepted their registration as virtual asset service providers.
Apps that do not meet the requirement face an effective block in the Korean Play Store, which would halt new downloads and gradually disrupt access for existing users as updates stop.
Media reports have highlighted Binance and OKX among the major platforms that could see their apps locked out of Google Play in South Korea under the new rules.
Google Play Links Crypto Apps To FIU Approval
Securing FIU registration typically requires foreign operators to set up a local entity, obtain Information Security Management System certification, roll out anti-money laundering controls, and undergo inspections.
Google’s move reflects the enforcement of its global cryptocurrency app standards rather than a new directive from Seoul. The company updated its policy for exchanges and software wallets in August 2025, requiring that providers meet licensing and registration rules in each jurisdiction where they operate.
For Korean retail users, the most immediate effect will fall on how they access overseas venues, particularly for products or tokens that local exchanges do not list. By making FIU approval a condition for app-store visibility, the policy nudges activity toward licensed exchanges and away from platforms that remain outside Korea’s supervisory perimeter.
The National Assembly has passed amendments to the Capital Markets Act and the Electronic Securities Act that recognize tokenized securities and allow regulated distribution of investment contract securities.
The combination of a tokenization push and tighter controls on offshore crypto apps underscores South Korea’s two-speed strategy on digital assets.
