South Korean authorities are tightening rules on transfers to offshore crypto platforms after Bybit, MEXC and other unregistered exchange apps were removed from the country's Google Play store. At least 29 overseas exchange apps, including OKX, Bybit, MEXC, KuCoin, Gemini, Backpack and BitMEX, became unavailable to Korean users during July as part of the crackdown, which targets platforms that haven't registered as Virtual Asset Service Providers with the country's Financial Intelligence Unit.
Under the revised transfer rules, domestic exchanges may now require users to verify account ownership, transaction purpose and source of funds before processing transfers to overseas platforms or self-hosted wallets. Transfers of 10 million won, or roughly $7,000, and above will face closer monitoring for suspicious activity, adding friction to a route Korean traders have used to access exchanges that don't operate legally within the country.
A Google Play-Specific Crackdown, For Now
The Financial Services Commission's own press notice on the matter confirms the app removals stem from a policy Google implemented at the regulator's request, blocking Play Store access for unregistered foreign virtual asset businesses — a measure that built on an earlier March round that blocked 17 unregistered platforms including KuCoin and MEXC. Notably, the restrictions apply specifically to Google Play; they don't extend to exchange websites or Apple's App Store, leaving other access routes technically open even as the mobile app channel narrows.
Related: Delio CEO Sentenced to 15 Years in South Korean Crypto Fraud Case
Part of a Wider Enforcement Push
The move lands the same week a Seoul court sentenced the CEO of collapsed lending platform Delio to 15 years for defrauding investors, underscoring how South Korean regulators are pressing on multiple fronts at once — squeezing access to unlicensed offshore exchanges while also pursuing criminal accountability for failures at licensed domestic platforms. The FIU maintains a public list of registered VASPs on its own site, which it has pointed users toward as the more durable fix: knowing which platforms are actually licensed to operate, rather than relying on app-store availability as a proxy for legitimacy.
