Starting on the 28th, new downloads of the Binance application (app) will no longer be possible from the Google Play Store. Binance is the world's largest virtual asset exchange, and many users in Korea use it, so confusion is expected.
According to the virtual asset industry on the 27th, Google is changing its software policy to block downloads starting on the 28th of exchange apps that have not been reported to Korea's financial authorities as a Virtual Asset Service Provider (VASP).
Corporations or organizations that intend to provide services such as virtual asset transaction, custody, wallet, and deposits in Korea must report to the Financial Intelligence Unit (FIU) of the Financial Services Commission. The FIU evaluates factors including ▲ establishment of a Korean corporation ▲ Information Security Management System (ISMS) certification ▲ eligibility of major shareholders, and then decides whether to accept the filing. There are 27 VASP-reported businesses in Korea, and five exchanges, including Upbit and Bithumb, are available in won.
The financial authorities are advising investors not to conduct a transaction with unreported businesses. Binance is an unreported exchange, but it offers many derivatives, so many domestic investors use it. We answer questions to explain how Google's policy change affects Binance users.
—Is a transaction through Binance completely banned?
"No. You just won't be able to download the app from Google's app store, the Play Store, but you can continue to use Binance if you use a personal PC. However, if you can't use the app, access for transactions drops significantly."
—Can users keep using the app already installed?
"You can keep using it. But future updates for security or user environment improvements will be impossible, so execution speed may slow and it could be vulnerable to security issues."
—Is installation possible from Apple's App Store or the Galaxy Store?
"It is possible to download the app from Apple's App Store, but future changes in Apple's policy could block downloads. Samsung's Galaxy Store follows the Google Play Store policy, so installation will be unavailable starting on the 28th."
—Can the app be installed by using a VPN, etc.?
"It's possible, but it is close to illegal. If behavior that violates Google's terms of use is detected, the account could be frozen. On the Google Play Store, you can change your country once a year, and registering a payment method for that country is mandatory."
—Will the Binance app be unusable going forward?
"Google changes its policies to comply with each country's regulations. In Jan. 2024, Google removed the apps of Binance and OKX from the Play Store for failing to comply with the Indian Ministry of Finance's rules. Binance then registered with the Financial Intelligence Unit (FIU-IND) in India as a reporting entity and resumed its business in the Indian market. If Binance reports as a VASP in Korea, app use could become available again."