Binance and OKX face South Korea app store removal under new Google policy

Major cryptocurrency exchanges including Binance and OKX could lose access to Google Play in South Korea after the tech giant mandated that all crypto apps prove regulatory compliance by Jan. 28.

Google now requires crypto exchange and wallet apps to submit documentation confirming their Virtual Asset Service Provider (VASP) registration with South Korea’s Financial Intelligence Unit (FIU), according to local media outlet News1. Apps failing to meet the requirement will be blocked from new downloads in the country.

Binance, OKX Could Face Google Play Restrictions

The Google crypto policy update is expected to affect major offshore crypto exchanges including Binance and OKX. South Korea mandates that crypto platforms servicing domestic users register with the FIU, a process that can be complex for companies without a local presence.

Requirements include setting up a local legal entity, implementing anti-money laundering (AML) systems, passing on site inspections, and obtaining Information Security Management System (ISMS) certification.

Binance, owning a 10% share in the local exchange Gopax does not operate through an official entity in South Korea. OKX has previously faced scrutiny for operating as an unregistered crypto exchange in the country.

A Binance spokesperson told Cointelegraph that the update reflects a broader Google crypto policy rollout impacting multiple crypto apps.

Users who change devices, uninstall, or reinstall apps after system updates “may temporarily be unable to re-download” the app under the new policy.

“We are in active discussions with Google to find a practical solution,” Binance added, “Our commitment to providing users with safe, dependable, and compliant services worldwide remains unwavering” but  OKX declined to comment.

Google Crypto Policy Reflects Global Enforcement

The requirement in South Korea is part of Google’s enforcement of its international Google crypto policy rather than a new directive from local regulators.

Google Play has updated its Cryptocurrency Exchanges and Software Wallets policy globally requiring apps to meet licensing and regulatory standards in jurisdictions including the U.S. and EU.

Developers in the U.S. must register with agencies such as the Financial Crimes Enforcement Network (FinCEN) while EU operators must qualify as licensed crypto asset service providers.

South Korea now joins the growing list of countries where Google is tightening app access under its Google crypto policy framework.

Policy Tightening Arrives Amid Tokenization Framework Approval

This stricter Google crypto policy rollout coincides with South Korea advancing its own blockchain focused regulations.

The National Assembly recently passed amendments to the Electronic Securities Act and the Capital Markets Act, allowing tokenized securities and regulated issuance of investment contract securities.

Under these new laws, blockchain based securities are treated like traditional financial instruments subject to licensing, disclosure, and investor protection rules.

While the government encourages blockchain adoption, Google’s updated Google crypto policy highlights how app access can still be restricted if regulatory compliance is not verified.

The South Korean rollout underscores the global reach of Google’s crypto policy showing that even offshore exchanges must navigate local regulatory hurdles to maintain app access.

The update could reshape how users interact with international crypto platforms and underscores the growing interplay between tech giants and financial regulators.