Apple has banned 14 crypto apps from its App Store. The tech giant aims to safeguard its users from financial scams and data breaches. The action comes after a formal order issued by the South Korean Financial Services Commission (FSC) against the authenticity of these apps.
FSC issued warnings against the banned crypto trading apps for failing to obtain valid regulatory licenses. Apple’s crypto ban echoes Google's move to delist 17 similar apps on the Play Store for Android consumers.
The crypto apps were found as part of a crackdown on illegal cryptocurrency exchanges, some of which were already prohibited in India for violating regulations. The FSC said that these apps did not have anti-money laundering measures, had a high risk of leakage of personal data, and had no investor protection measures.
Among the removed apps are some big names in the crypto world, including:
KuCoin
MEXC
Phemex
BitTrue
BitGloba
CoinW
CoinEX
Most of the apps listed here have already been banned in India, further validating global fears about their safety and legality. Binance, Kraken, Huobi, Bitfinex, and Gate.io are already off Indian app stores as part of a regulatory drive to bring crypto trading under regulation.
iPhone owners who might have installed these applications are highly advised to uninstall them as soon as possible. Check the licensing status of the platform being used. The crypto trading apps that provide adequate security, legal clarity, and investor protection should be preferred. Don't download apps from unlicensed sources or platforms flagged by regulatory authorities.
Apple and Google crypto ban shows a growing trend of regulatory bodies compelling tech giants to enforce compliance in the crypto ecosystem. As governments continue to evaluate the risks, app store policies are set to become tighter.