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Google and Apple are taking steps against Crypto apps without registration. These apps were against the Korea Communication Standards Commission and were working without a legal license.
Google gave 17 crypto exchange apps, Apple will also give a similar shock
Highlights
- Google banned 17 Crypto Exchange apps.
- Apple is also preparing to remove these apps from the app store.
- Crypto apps are at risk for investors without license.
New Delhi. Google has taken strict steps against foreign Crypto Exchange apps and removed 17 without registering from Play Store. After this, Apple is also preparing to ban these apps from the app store. The step was taken when the South Korean Financial Services Commission (FSC) found that these crypto platforms were working without a legal license, which could have risked investors.
The South Korean government has instructed Google to remove 17 foreign crypto apps from the Play Store, as they were not following the rules. Bain apps include these:
Banned apps
FSC said that these bitcoin platforms are deprived of government security, which increases the risk of financial loss for investors.
Cookin
Mexc
Famex
Part
Bitglobe
Coin
Coinx
Threat of safety and money laundering
FSC has pointed to serious security threats, which states that these apps:
– Personal data can leak
– The amount invested can cause loss
– Money does not follow anti -laundering rules, which increases the anxiety of illegal financial activities.
After Google, now Apple’s turn
After Google’s action, Apple is also preparing to remove these crypto apps from its app store. The Financial Intelligence Unit (FIU) and the Korea Communication Standards Commission are actively identifying the Crypto apps without registration to take necessary steps.
Heavy fined and jail on illegal crypto traders
FSC has announced a strict punishment for crypto traders without registration, including:
– Fines up to 50 million Korean von (about ₹ 29,00,000)
– Jail up to 5 years for those running illegal crypto platform
India has already banned these crypto apps
Even before South Korea’s action, India banned several Crypto Exchange apps, including:
Binas
Cookin
Hubby
Kraken
Gate .io
Bitsamp
Mexc global
Bittrex
Bitfinex
These apps are no longer available on Google Play Store and Apple App Store in India, because there are regulatory concerns about them.
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