Exclusive: Overseas Cryptocurrency Exchanges Not Searchable in Korea... 65 on Google, 56 on Apple

Among the 109 overseas virtual asset (digital asset) derivatives exchanges, it was found that 65 were not searchable on Google and 56 on Apple. If they are not supported on the Google Play Store and Apple App Store, users with smartphones running Android and iOS cannot use the related apps. Notably, 28 of the 109 exchanges officially provide services in Korean, and additional evidence of unreported operations has been confirmed.

'Not Searchable': 65 on Google Play Store, 56 on Apple App Store

According to a comprehensive survey conducted by on November 11-12, among the 109 global digital asset derivatives exchanges, 65 (59.6%) were not searchable on the Google Play Store, and 56 (51.4%) were not searchable on the Apple App Store.

The 109 derivatives exchanges were identified using the CoinMarketCap platform, which provides digital asset information. Considering that the main purpose of domestic users using overseas exchanges is to trade derivatives that are not available in Korea, the survey focused on derivatives exchanges.

A total of 41 exchanges (37.6%) were found to be not searchable on both Google Play and the App Store. There were 15 exchanges (13.8%) that were searchable on Google Play but not on the App Store. Conversely, there were 24 exchanges (22%) that were only searchable on the App Store, which was more than those only searchable on Google Play.

It is noteworthy that the number of exchanges not searchable on the Apple App Store accounts for nearly half of the total 109. Previously, Google Play has been gradually blocking access since January, only allowing support for virtual asset service providers (VASPs) that have been reported to financial authorities. In contrast, the App Store has not publicly implemented such a policy. Nevertheless, both app markets show a similar level of unsupported downloads.

Blocked Exchanges Include Those Requested by Authorities

The list includes exchanges that have been blocked at the request of domestic authorities.

Among the 65 exchanges not searchable on Google Play, 14 were blocked at the request of domestic financial authorities. Among the exchanges not searchable on the App Store, 11 were also blocked at the request of authorities. The exchanges not supported on the App Store due to authority requests overlap entirely with those not supported on Google Play. Among the exchanges that are not searchable due to blocking requests, three are only blocked on Google Play: XT.com, Pionex, and DigiFinex.

Previously, financial authorities announced that support for unreported overseas operators was blocked on Google Play and the App Store in March and April of last year. This measure is separate from the Google Play policy implemented in January.

Exchanges that have been reported to investigative agencies as unreported operators by authorities were also on the list of those not searchable. The number is 15, and they are not searchable on either app market.

The common list of 11 exchanges that authorities requested to be blocked and notified to investigative agencies includes:

▶MEXC

▶KuCoin

▶CoinW

▶BTCC

▶Jumex

▶CoinEx

▶Phemex

▶Wix

▶Bitru

▶X.me Exchange

▶BitMart

In addition to those requested for blocking by authorities, there are many cases where exchanges are not searchable. Some exchanges, such as Gemini, are not searchable on Google Play, stating "the app is not available in your region."

Access to Websites Possible Except for One

While the proportion of exchanges blocked on Google Play and the App Store exceeds 50% for the 109 overseas digital asset exchanges, all except one (HyperPay Futures) are accessible via their websites. HyperPay Futures is currently inaccessible due to a web server error known as '502 Bad Gateway.'

Excluding this exchange, all 108 others are accessible, meaning that while downloading the app is not possible, there is still a workaround to access via the web.

Website blocking is not solely decided by financial authorities but is carried out in consultation with the Korea Communications Standards Commission.

The Financial Intelligence Unit (FIU) of the Financial Services Commission stated in a press release on the 21st of last month, "We will strengthen cooperation with investigative agencies to ensure that effective measures are established based on objective evidence, and that access to illegal overseas virtual asset operator sites is blocked in a timely manner."

The Korea Communications Standards Commission is considering prioritizing the blocking of websites where user harm has been specifically confirmed.

On the 16th of last month, discussions were held regarding regulations on overseas exchange websites. According to materials from the office of Democratic Party lawmaker Lee Joo-hee, the commission proposed to prioritize the blocking of sites where actual user harm has been specifically confirmed for review. The FIU responded that it would conduct internal reviews and reports.

On this day, the FIU argued that active blocking is necessary for overseas operator websites due to concerns about financial crimes. In contrast, the commission argued that blocking entire sites solely for being unreported could lead to excessive regulation controversies.

28 Exchanges Show Signs of Unreported Domestic Operations

Signs of unreported domestic operations were confirmed for 28 out of the 109 exchanges. Among these, Deribit, a subsidiary of North America's largest virtual asset exchange Coinbase, is included.

The list of the 28 exchanges that officially support Korean on their websites is as follows:

▶XT.com

▶Deribit

▶KCEX

▶CoinEx

▶CoinUp.io

▶FameEX

▶MGBX

▶Hibt

▶BitradeX

▶CoinChief

▶Bitbaby

▶4E

▶Bitcastle

▶Bibox

▶Globe Derivative Exchange

▶KTX

▶BiKing

▶Cofinex

▶SunX

▶CoinMy

▶WHXEX

▶Ulink

▶AEGET

▶B2Z Exchange

▶CoinP

▶YEX

▶OneBullEx

▶PrimeXBT

Notably, among the 28 exchanges, CoinEx is the only one that has been requested for app market blocking by authorities and notified to investigative agencies, yet continues to provide support in Korean.

The only exchange that has been blocked from the app market at the request of authorities and notified to investigative agencies is CoinEx.

When determining whether foreign operators are subject to domestic reporting obligations, the Financial Intelligence Unit (FIU) considers whether they provide a Korean-language homepage, conduct events to attract Korean customers, or support transactions or payments in Korean won.

Although this criterion is not based on legislation, the courts have determined that there are no circumstances to view this criterion as contrary to legislation or unreasonable, and that it does not lack effect or is illegal (2025구합53236, Seoul Administrative Court).

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