Google is rolling out the latest crypto app requirements in South Korea, a move that could significantly restrict access to offshore crypto exchanges by tying app availability to local regulatory clearance.
Starting January 28, crypto exchanges and wallet apps listed on Google Play in South Korea will upload documents that their virtual asset service providers (VASPs) have accepted registration with the country’s Financial Intelligence Unit (FIU), according to South Korean media outlet News 1.
Google reportedly clarified that developers listing crypto-exchange and custodial wallet apps must upload proof of acceptance of a completed FIU registration through its developer console.
Apps that fail to meet the requirement may be blocked in South Korea, preventing new downloads and potentially disrupting access over time.
Binance, Okex Face Possible Google Play App Lockout
Google’s latest policy will have a significant impact on major overseas crypto exchanges, News1 reports. The media outlet specifically cited crypto exchanges Binance and OKX as platforms that could be affected by the rollout.
Although South Korea requires crypto exchanges serving domestic users to register with the FIU, obtaining formal registration can be challenging for foreign companies.
The process typically involves establishing a local legal entity, implementing an anti-money laundering (AML) system, undergoing an on-site inspection and obtaining an Information Security Management System (ISMS) certification.
Although Binance has a 10% stake in local crypto exchange Gopex, it does not have an official local entity in South Korea. Oakes previously faced allegations of operating as an unregistered crypto exchange in the country.
A Binance spokesperson told Cointelegraph that they are aware of the new policy but highlighted that it is “not unique to Binance and affects other crypto apps as well.”
Users who change devices, perform a factory reset, uninstall an app or complete a major OS update that requires reinstallation “may be temporarily unable to re-download” once the changes are gone, the spokesperson said.
“We are actively working with Google to reach a constructive resolution,” Binance told Cointelegraph. “We are fully committed to providing our customers with secure, reliable and consistent services worldwide.”
OKX declined to comment.
A broader Google Play crypto policy shift
The requirement reflects Google’s implementation of its global cryptocurrency app policy, rather than a new directive from South Korean regulators.
The rollout in South Korea is part of a broader effort by Google Play to align crypto apps with local financial regulations in multiple jurisdictions.
On August 14, 2025, Google Play updated its cryptocurrency exchange and software wallet policy to require exchange and custody wallet providers to meet licensing and regulatory standards in certain countries.
Under the framework, developers operating in the United States must register with regulators such as the Financial Crimes Enforcement Network (FINCEN). Meanwhile, those residing in the European Union must qualify as licensed crypto-asset service providers.
Related: The report says that before South Korea considers freezing the crypto account
Strict app access conflicts with the tokenization framework’s approval
Google Play’s implementation comes as South Korea pursues a separate regulatory track focused on integrating blockchain technology into its capital markets.
On Thursday, the National Assembly passed amendments to the Electronic Securities Act and the Capital Markets Act, which formally introduced tokenized securities and allowed for the regular distribution of investment contract securities.
The framework aims to support blockchain-based issuance and settlement in the current securities regime.
Under the revised rules, securities issued using distributed ledger technology are considered traditional financial instruments and remain subject to disclosure, licensing and investor protection mandates.
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