Google has taken strict action against foreign crypto exchange apps and removed 17 unregistered apps from the Play Store. After this, Apple is also preparing to ban these apps from the App Store. This step was taken when the South Korean Financial Services Commission (FSC) found that these crypto platforms were operating without a legal license, which could put investors at risk.

The South Korean government has directed Google to remove 17 foreign crypto apps from the Play Store because they were not following the rules. The banned apps include:

Apps to be banned
The FSC said that these bitcoin platforms are deprived of government protection, which increases the risk of financial loss for investors.

KuCoin
MEXC
Phemex
BitTrue
BitGloba
CoinW
CoinEX

Security and risk of money laundering
The FSC has pointed out serious security threats, saying that these apps:

– May leak personal data

– May result in loss of invested funds

– Do not comply with anti-money laundering rules, raising concerns about illegal financial activities.

After Google, now it is Apple's turn.

After Google's action, Apple is also preparing to remove these crypto apps from its app store. The Financial Intelligence Unit (FIU) and the Korea Communication Standards Commission are actively identifying unregistered crypto apps so that necessary steps can be taken.

Heavy fines and jail for illegal crypto traders
The FSC has announced strict punishments for unregistered crypto traders, including:

– Fines of up to 50 million Korean Won (approximately ₹29,00,000)

– Up to 5 years in jail for those running illegal crypto platforms

India has already banned these crypto apps.

Even before South Korea's action, India had banned several crypto exchange apps, including:

Binance
KuCoin
Huobi
Kraken
Gate.io
Bitstamp
MEXC Global
Bittrex
Bitfinex

These apps are no longer available on Google Play Store and Apple App Store in India due to regulatory concerns.

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