Starting January 28, the South Korean Google Play app will be prohibited from hosting or updating unregistered foreign cryptocurrency exchanges and software wallets.
Under the updated rules, crypto platforms and developers must register as virtual asset service providers with the Korea Financial Intelligence Unit to operate on Google Marketplace.
Due to this update, Android users in South Korea will no longer be able to download or update apps for unregistered overseas cryptocurrency exchanges, such as Binance, in Google Play Store.
Currently, there are only 27 local platforms, including major exchanges Upbit and Bithumb, have registered with the Financial Conduct Authority. Major global exchanges such as Binance, bybit и OK, have not registered with Korean authorities, meaning their apps will effectively be blocked from new installations and updates in the regional Google Play store.
This development could pose a significant challenge for local cryptocurrency holders, as South Korea is home to one of the largest and most active cryptocurrency markets in the world, with over 10 million users—roughly 20% of the country’s 50 million population.
However, local media reports indicate that members of the Korean crypto community are already looking for ways to circumvent the ban, including through VPNs.