Google Play ban crypto exchanges from South Korea store

South Korea’s Google Play Store will ban unregistered overseas cryptocurrency exchanges and software wallets from being listed or updated in the country.

According to Google‘s official policy page on crypto exchanges and wallet providers, platforms and developers must register as a virtual asset service provider with the Korea Financial Intelligence Unit (FIU) to remain eligible on the app 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, from the Google Play Store starting Jan. 28.

As of today, only 27 domestic platforms, including major exchanges Upbit and Bithumb, have completed registration with the FIU. Prominent global exchanges, such as Binance, Bybit, and OKX, have not registered with Korean authorities, meaning their apps will be effectively blocked from new installations and updates in the region’s Google Play Store.

Impact after google play ban crypto exchange

Local media organization News1 reported that this may have a serious impact on global exchanges, noting that many South Korean retail investors rely on overseas platforms for higher leverage, arbitrage opportunities, and access to a wider range of token listings.

Digital Asset, a local news outlet, reported that South Korean crypto community members are circulating ways to bypass the upcoming Play Store ban, including the use of VPNs and downloading apps in APK format. However, the report noted that these workarounds significantly increase security risks for users.

South Korea maintains one of the largest and most active crypto markets globally, with over 10 million active users — roughly 20% of the country’s 50 million population.

According to official data from the Financial Services Commission, the South Korean crypto market had a capitalization of 95 trillion won ($64.6 billion) as of June 2025, with an average daily trading volume of $4.35 billion.

Google Play Ban Crypto Exchange Summary

South Korea’s Google Play ban crypto exchanges and wallet apps starting Jan. 28. To remain listed or updated, platforms must register as a Virtual Asset Service Provider with the Korea Financial Intelligence Unit (FIU).
Only 27 domestic exchanges, including Upbit and Bithumb, are currently registered.
Major global exchanges such as Binance, Bybit, and OKX are not registered and will be blocked from new installs and updates.
Registration is considered nearly impossible for overseas firms due to strict security and AML requirements.
Web-based access via browsers will still be available, though future restrictions are possible.
The move follows earlier bans on Korean-language support, local marketing, and KRW transactions by unregistered platforms.
Local media warn of significant impact, as many Korean investors use overseas exchanges for leverage and wider token access.
Some users are discussing workarounds like VPNs and APKs, which raise security risks.
South Korea has over 10 million crypto users and a market cap of about $64.6 billion as of June 2025.

Reference: Verster Community

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FAQ: Google Play Ban on Overseas Crypto Exchanges in South Korea