Google Bans 17 Crypto Exchange Apps Amid Growing Regulation Concerns

Google Removes 17 Crypto Exchange Applications

Google has reportedly taken strict action against foreign crypto exchange apps by removing 17 unregistered apps from the Play Store. Following this, Apple is further preparing to ban these apps from the App Store. This move comes after the South Korean Financial Services Commission (FSC) discovered these crypto platforms operating without legal licenses, posing risks to investors.

List of Banned Apps

• KuCoin
• MEXC
• Phemex
• BitTrue
• BitGloba
• CoinW
• CoinEX

Security and Money Laundering Concerns

The FSC flagged serious security risks, stating that these apps could lead to personal data leaks and loss of invested money. Additionally, they failed to meet anti-money laundering regulations, raising concerns about illegal financial activities.

Apple to Take Similar Action

After Google’s crackdown, Apple is also preparing to remove these crypto apps from the App Store. The Financial Intelligence Unit (FIU) and Korea Communication Standards Commission are actively identifying unregistered crypto apps to take necessary action.

Heavy Penalties for Offenders

The FSC has announced strict penalties for unregistered crypto businesses, including fines up to 50 million Korean won (Rs 29,00,000) and jail terms up to 5 years for those operating illegal crypto platforms.

India's Preceding Ban

Even before South Korea’s action, India had already banned several crypto exchange apps due to regulatory concerns. Apps like Binance, KuCoin, Huobi, Kraken, Gate.io, Bitstamp, MEXC Global, Bittrex, and Bitfinex are no longer available on the Google Play Store and Apple App Store in India.