Google Play to block Binance, Bybit, OKX apps in Korea without FIU VASP status
South Korea will tighten mobile distribution of crypto services as Google Play ban on overseas crypto exchanges in South Korea begins on January 28, 2026.
Google’s policy now requires crypto exchange and custodial wallet apps that target Korea to submit proof of Virtual Asset Service Provider (VASP) registration with the Korea Financial Intelligence Unit (KoFIU/FIU). Apps without registration will be removed from search/listing and blocked from updates in the Korean Play Store. Non-custodial wallets are not covered.
What changes on January 28
Google’s developer policy details country-specific licensing: for South Korea, developers must have “successfully filed a VASP report with the Commissioner of KoFIU.” Local and global platforms that lack this status will be ineligible for distribution or updates via Google Play in Korea. Coverage by local and industry outlets pegs January 28 as the enforcement date.
Who is affected
Major overseas exchanges that have not registered in Korea such as Binance, Bybit and OKX—face removal from the Korean Play Store. Users may retain web access via browsers for now, but in-store downloads and updates will be restricted. This builds on a 2025 step when Google Play blocked 17 unregistered overseas exchanges at regulators’ request.
Market backdrop: size and usage
Korea remains one of the world’s most active crypto markets. As of June 2025, the market cap stood at ₩95.1 trillion (≈$67.8bn) with ₩6.4 trillion in average daily transactions, and ~10.77 million market users, according to FSC/KoFIU data.
Rationale and compliance path
Korean authorities require VASPs to meet stringent AML, security and audit standards. Google is aligning its store policies with these local rules by demanding proof of KoFIU registration from app publishers targeting Korea.
Impact of the Google Play ban on overseas crypto exchanges in South Korea
Exchanges
Overseas platforms without KoFIU registration lose app distribution/updates via Google Play Korea.
Developers
Must declare fintech features and submit the required license/registration in Play Console for Korean targeting.
Users
Existing installs may continue to function, but lack of updates raises security and compatibility risks.
User security considerations under the Google Play ban on overseas crypto exchanges in South Korea
Workarounds like sideloaded APKs/VPNs may circulate but increase malware and phishing risks and may violate terms. Using unverified APKs or ignoring updates can expose funds and personal data. (Regulators previously flagged unregistered services and OTC channels as high-risk.)
Context & Analysis
Google’s move codifies Korea-specific compliance already trending across app stores. The policy narrows distribution to services that meet KoFIU standards, potentially consolidating volume on registered domestic exchanges. Prior enforcement against unregistered overseas platforms suggests sustained tightening rather than a one-off change.
Concluding Remarks
The January 28 enforcement is expected to encourage Korean Android users to shift toward FIU-registered platforms, as compliance will become more important for app availability and trust. This change may also motivate international service providers to explore partnerships with local companies or apply for official licenses to continue operating smoothly in the Korean market.
At the same time, it will be important to monitor whether other app marketplaces introduce similar regulations. Keeping an eye on updates from KoFIU regarding VASP registrations and market trends will help businesses and users understand how the regulatory environment and competition may evolve.
FAQs
Q : Will my Binance / Bybit / OKX app stop working on Jan. 28?
A : Not necessarily. New installs and updates via the Korean Google Play Store will be blocked if the app lacks KoFIU VASP registration. If you already have the app installed, it may continue to run, but you won’t receive updates.
Q : Does this affect non-custodial wallets?
A : No. According to Google’s policy, non-custodial wallets are out of scope of the “Cryptocurrency Exchanges and Software Wallets” requirement, so they are not affected.
Q : Is Apple’s App Store doing the same?
A : As of now, no announcement has been made by Apple. Apple enforces its own rules and local laws, and any change would be separate from Google’s policy.
Q : How do I check if an app is registered?
A : Check the app’s Google Play listing for KoFIU VASP registration details
Verify via the developer’s official documentation
Look for official announcements from the exchange
Q : Why is Google doing this now?
A : To align app distribution with South Korea’s financial regulations and reduce AML (anti money laundering) and security risks in the local market.
Q : What’s the size of Korea’s crypto market?
A : (As of June 2025)
Market cap: ₩95.1 trillion
Average daily transactions: ₩6.4 trillion
Users: ~10.77 million
Q : Will this Google Play ban affect web access to overseas crypto exchanges in South Korea?
A : No. This policy applies only to Google Play app distribution. Web/browser access is not addressed and would require separate regulatory action.
Facts
Event
Google Play to require KoFIU VASP registration for crypto exchange/custodial wallet apps targeting Korea; unregistered overseas apps blocked from listing/updates.Date/Time
2026-01-28T00:00:00+05:00 (policy enforcement date; local app store timing may vary)Entities
Google Play; Korea Financial Intelligence Unit (KoFIU/FIU); Financial Services Commission (FSC); Binance; Bybit; OKX; Upbit; BithumbFigures
Korea crypto market cap ₩95.1tn; average daily transactions ₩6.4tn; users ~10.77m (H1 2025).Quotes
“The developer must have successfully filed a [VASP] report with the Commissioner of the Korea Financial Intelligence Unit (KoFIU).” Google Play policy page.Sources
Google Play policy (support.google.com), The Block, Xangle, The Korea Times.