According to Digital Asset, Bybit, the cryptocurrency exchange app, is currently not available for searching and downloading from the South Korean Google Play Store. On the other hand, there are other foreign exchange apps like Binance and Bitget, which are still searchable, downloadable, and updatable. In January, the FIU of Korea made it clear via the Specific Financial Information Act that foreign VASPs that are not registered are unregistered operators and advised Play to block the downloading and updating of such trading apps. But the restriction itself has not been put into effect until now. This was explained by Google back then because of some internal issues.
In case the ban stays:
New South Korean Android users will have trouble signing up to Bybit via the Play Store.
Users who already have accounts can continue using the application until new restrictions are imposed.
The development underscores the growing regulatory pressure exerted by ROK on foreign cryptocurrency platforms that have failed to register in the country.
Restricting access from within the nation.
The Google Play Store had earlier claimed that it would
The development in question is the inability to find and install the Bybit Android application from the ROK's Google Play Store, although other competitors such as Binance and Bitget can be found on the platform. The timing seems to correspond with the ROK's ongoing regulation crackdown against foreign cryptocurrency exchanges that are not registered. However, there has been no confirmation from any official institution that FIU enforcement caused this.
Disclaimer: The content herein is only meant to be for informational purposes and should not be taken as financial, investment, or legal advice. The laws governing cryptocurrencies are subject to change as is the availability of exchanges in certain regions.
