South Korea to removes global crypto exchange apps from Google Play Store

[Oshosondy]

More regulations are coming as cryptocurrencies are getting more well known, the exchanges are using the regulations to target the crypto exchanges and custodial wallets. This is coming from South Korea government this time.

Many foreign centralized cryptocurrency exchange (CEX) apps (possibly including Binance and OKX apps) will soon become unavailable for download or updates on South Korea’s Google Play Store. All centralized exchanges that are not registered as Virtual Asset Service Providers (VASPs) in South Korea will not continue to appear on the Play Store.

https://coinpedia.org/news/south-korea-removes-global-crypto-exchange-apps-from-google-play/

[julerz12]

I guess the South Korean government is trying to control its booming crypto industry just like what other countries are doing (cough* Philippines), but it's like putting a Band-Aid on a gunshot wound.
Users can still access these platforms in various ways: use mobile web browsers if apps aren't available, install the APKs directly, or use a VPN if the site itself is blocked.
Also, I'm pretty sure if you already have the app installed, you can still use it and even transfer that app to another smartphone. 

[Darker45]

From a neutral standpoint, that's just the fair thing to do. Centralized cryptocurrency exchanges aren't anymore services to be disregarded. They're already transacting billions a day. They're keeping billions of people's money. They can't just be allowed to operate without complying with government regulations let alone without asking for permission. Any responsible government won't allow their citizens to just trust and use any unregulated platform.

I guess the South Korean government is trying to control its booming crypto industry just like what other countries are doing (cough* Philippines), but it's like putting a Band-Aid on a gunshot wound.
Users can still access these platforms in various ways: use mobile web browsers if apps aren't available, install the APKs directly, or use a VPN if the site itself is blocked.
Also, I'm pretty sure if you already have the app installed, you can still use it and even transfer that app to another smartphone.  

There might still be ways to circumvent the measures but South Korea isn't the Philippines. The level of incompetence in the Philippines means users won't be bothered at all by such decision, just like when Binance, Bybit, and other centralized exchanges were banned. I'm not sure if you can say the same with South Korea.

[bitbollo]

They must take care in a certain way of their business... collecting taxes and trying to provide a regulated service for the final user.
The problem is as usual the way they decide to implement this... likewise... they plan to cut off other competitors? Or in general they will offer a good and real service to their citizens?

I am not an expert for sure but in a "centralized approach" that cut off many operators - (we have seen here in Italy with gambling) - the BIG companies would have always enough money to setup locally branches. The result is easy. It's everything possible for large groups as essential and basic of capitalism by itself
Moreover, the small groups cannot have any space in the room. It can also be easy for them to just change the rules...
The lesson provided by bitcoin, its priceless. You cannot be stopped by someone/something.
Even if there is a monetary value involved... you have not to comply with a regulators that can change anytime the rules of the game.
At a certain point, maybe after 25 years, CEX will be completely obselete.

[noorman0]

They must take care in a certain way of their business... collecting taxes and trying to provide a regulated service for the final user.
The problem is as usual the way they decide to implement this... likewise... they plan to cut off other competitors? Or in general they will offer a good and real service to their citizens?

I don't think the government cares about market competition as long as they're willing to pay tributes and data share. There might be a point, for example, where it's a matter of which service is most loyal to the government.
Perhaps the local authorities are saying, "You've been profiting from our citizens' activities for yourselves, but they always come to us when they have a problem with you. If you don't seriously manage your cooperation with us, we'll get rid of you."