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South Korea blocks 14 crypto exchanges on Apple Store — Report

South Korea is expanding a ban on digital asset firms’ applications servicing its citizens. On April 11, the country’s Financial Services Commission (FSC) announced that 14 crypto exchanges were blocked on the Apple store. Among the affected exchanges are KuCoin and MEXC.

The report, which was made public on April 14, says the banned exchanges were allegedly operating as unregistered overseas virtual asset operators. The report also states that the Financial Information Analysis Institution (FIU) will continue to promote the blocking of the apps and internet sites of such operators to prevent money laundering and user damage.

The request to block applications on the Apple Store comes after Google Play blocked access to several unregistered exchanges on March 26. KuCoin and MEXC were also targeted during the blocking of the Google Play apps. The FSC published a list of 22 unregistered platforms operating in the country, with 17 of them already blocked on Google’s marketplace.

South Korea blocks 14 crypto exchanges on Apple Store — Report

The 17 crypto exchanges blocked on Google Play. Source: FSC

According to the FSC report, users will not be able to download the apps on the Apple Store, while existing users will not be able to update the apps. The FSC notes that “unreported business activities are criminal punishment matters” with penalties of up to five years in prison and a fine of up to 50 million won ($35,200).

FIU considers sanctions against unregistered VASPs

On March 21, South Korean publication Hankyung reported that the FIU and the FSC were considering sanctions against crypto exchanges operating in the country without registration with local regulators. The sanctions included blocking access to the companies’ apps.

In South Korea, operators of crypto sales, brokerage, management, and storage must report to the FIU. Failure to comply with registration and reports is subject to penalties and sanctions.

Related: South Korea reports first crypto ‘pump and dump’ case under new law

The latest sanctions come as crypto is reaching a “saturation point” in South Korea. As of March 31, crypto exchange users in the country passed 16 million — equivalent to over 30% of the population. Industry officials predict that the number could surpass 20 million by the end of 2025.

Over 20% of South Korean public officials hold cryptocurrencies, with the total amount reaching $9.8 million on March 27. The assets varied and included Bitcoin (BTC), Ether (ETH), XRP (XRP), and Dogecoin (DOGE).

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Coinbase files legal motion over Gensler, SEC missing text messages

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Coinbase files legal motion over Gensler, SEC missing text messages

Coinbase files legal motion over Gensler, SEC missing text messages

Legal representatives for Coinbase filed a motion for a legal hearing and potential remedies after the SEC failed to comply with FOIA requests.

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UK trade groups urge government to include blockchain in US tech cooperation

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UK trade groups urge government to include blockchain in US tech cooperation

UK trade groups urge government to include blockchain in US tech cooperation

A coalition of UK trade groups has urged the government to include blockchain and digital assets in its planned “Tech Bridge” collaboration with the US.

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Calls for Starmer to publish security services’ concerns about Mandelson’s US appointment

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Calls for Starmer to publish security services' concerns about Mandelson's US appointment

The Conservatives have urged Sir Keir Starmer to publish all concerns raised by the security services about the appointment of sacked US ambassador Peter Mandelson.

Shadow cabinet office minister Alex Burghart said his party would push for a vote in parliament demanding the government reveal what issues the security services had in relation to Lord Mandelson’s relationship with the disgraced sex offender and financier Jeffrey Epstein.

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Peter Mandelson was sacked as the UK's ambassador to Washington on Thursday. Pic: PA
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Peter Mandelson was sacked as the UK’s ambassador to Washington on Thursday. Pic: PA

It comes after Sky News’ deputy political editor Sam Coates revealed that Number 10 appointed Lord Mandelson to the Washington role despite the security services’ reservations about the move.

Mr Burghart said material from the security services is not usually made public, but that a substantial amount of information was already in the public domain.

He told Sky News Breakfast: “What we’re going to do is we’re going to try and bring a vote in parliament to say that the government has to publish this information.

“It will then be up to Labour MPs to decide whether they want to vote to protect Peter Mandelson and the prime minister or make the information available.”

Mr Burghart said he had spoken to Labour MPs who were “incredibly unhappy about the prime minister’s handling of this”, and that it would be “very interesting to see whether they want to be on the side of transparency”.

Tory leader Kemi Badenoch said she believed Lord Mandelson’s appointment revealed that the prime minister “has very bad judgment”.

“It looks like he went against advice, security advice and made this appointment…and what we’re asking for is transparency.”

The Liberal Democrats have also called for parliament to be given a role in vetting the next US ambassador.

“I think it will be right for experts in foreign affairs on the relevant select committee to quiz any proposal that comes from 10 Downing Street, and so we can have that extra bit of scrutiny,” the party’s leader Ed Davey told broadcasters.

The former UK ambassador to France, Lord Ricketts, said the government should not be “rushing into an appointment” to replace Lord Mandelson.

“I would urge the government to take their time, and I would also make a strong case to the government to go for a career diplomat to steady the ship after this very disruptive process,” he said.

Labour MP Chris Hinchcliff posted on X that the former US ambassador should also be removed from the House of Lords.

Nigel Farage said Sir Keir’s decision to appoint Lord Mandelson as UK ambassador to the US was a “serious misjudgement” by the PM.

“We don’t yet know what the intelligence briefings would have said, but it looks as though Morgan McSweeney, the prime minister’s right-hand man, and the prime minister, ignored the warnings, carried on,” he said.

“He was then reluctant to get rid of Mandelson, and he’s now left himself in a very vulnerable position with the rest of the parliamentary Labour Party.

“It is about the prime minister’s judgement, but it is also about the role that Morgan McSweeney plays in this government.”

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Reform UK leader Nigel Farage says Keir Starmer ignored the warnings about Lord Mandelson.

The timing of the sacking comes ahead of Donald Trump’s state visit next week, with the US president facing questions over his own ties with Epstein.

The prime minister sacked Lord Mandelson on Thursday after new emails revealed the Labour grandee sent messages of support to Epstein even as he faced jail for sex offences in 2008.

In one particular message, Lord Mandelson had suggested that Epstein’s first conviction was wrongful and should be challenged, Foreign Office minister Stephen Doughty told MPs.

The Foreign Office said the emails showed “the depth and extent of Peter Mandelson’s relationship with Jeffrey Epstein is materially different from that known at the time of his appointment”.

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Mandelson exit ‘awkward’ before Trump state visit

Downing Street has defended the extensive vetting process which senior civil servants go through in order to get jobs, which has raised questions about whether or not they missed something or Number 10 ignored their advice.

The prime minister’s official spokesman also said yesterday that Number 10 “was not involved in the security vetting process”.

“This is managed at departmental level by the agency responsible, and any suggestion that Number 10 was involved is untrue,” he told reporters.

Asked repeatedly if any concerns were flagged to Downing Street by the agencies that conducted the vetting of Lord Mandelson, he did not dismiss the assertion, repeating that Number 10 did not conduct the vetting.

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Mandelson’s exit leaves Donald Trump’s state visit in the lurch

Speaking to Sky News this morning, Scotland Secretary Douglas Alexander said his reaction to the publication of the emails was one of “incredulity and revulsion”.

He said he was “not here to defend” Lord Mandelson but said the prime minister “dismissed” the ambassador when he became aware of them.

The cabinet minister said Lord Mandelson was appointed on “judgement – a judgement that, given the depth of his experience as a former trade commissioner for the European Union, his long experience in politics and his policy and doing politics at the highest international levels, he could do a job for the United Kingdom”.

“We knew this was an unconventional presidential administration and that was the basis on which there was a judgement that we needed an unconventional ambassador,” he said.

Mr Alexander added: “If what has emerged now had been known at the time, there is no doubt he would not have been appointed.”

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