"Google to restrict apps of unregistered overseas crypto exchanges…policy takes effect on the 28th"
Summary
- Google said it will remove from Google Play, starting on the 28th, apps of overseas crypto exchanges that are not registered with financial authorities.
- Only virtual asset service providers (VASPs) whose reports have been accepted by the FIU will be able to offer apps, and searches, downloads and updates will be restricted if requirements are not met.
- Apps of major overseas exchanges such as Binance, Bybit, OKX and Kraken will be barred from new installations and updates, which is expected to increase potential exposure to security threats.
Google will remove from Google Play, starting on the 28th, applications (apps) for overseas crypto exchanges that are not registered with financial authorities.
According to the industry on the 26th, Google recently revised its Google Play policies to require developers seeking to offer crypto exchange or software wallet apps in Korea to submit proof that the Financial Intelligence Unit (FIU) has accepted their virtual asset service provider (VASP) report. If the requirements are not met, app search, new downloads, and updates will be restricted.
At present, 27 VASPs—including Upbit, Bithumb, Coinone, Korbit and Gopax—have completed report acceptance by the FIU, while major overseas exchanges such as Binance, Bybit, OKX and Kraken all remain unregistered.
Accordingly, from the 28th onward, unregistered overseas exchange apps will be barred from new installations and updates. Existing users will also be unable to receive app updates, meaning security patches and feature improvements will not be delivered, and exposure to security threats such as hacking is expected to increase.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
