South Korea's Financial Intelligence Unit (FIU) has approved measures to block domestic access to 27 websites operated by unregistered crypto exchanges and virtual asset service providers. The action follows reviews conducted by the Korea Media and Communications Standards Commission on October 6 and 7.
The blocked platforms include KuCoin, MEXC, Phemex, Bitrue, CoinW, BTCC, BitMart, BingX, and DigiFinex, among others. The restrictions target crypto platforms that have not registered under the Act on Reporting and Using Specified Financial Transaction Information, South Korea's anti-money laundering legislation.
Scope of the Restrictions
The blocking measures involve either terminating services hosted domestically or blocking access to websites operated overseas. This represents an expansion of earlier enforcement actions against mobile applications.
In April 2025, South Korea blocked downloads and updates for 14 unregistered crypto exchange apps on Apple's App Store, following restrictions on 17 apps through Google Play.
How Platforms Are Identified
The FIU determines whether overseas operators target Korean customers by examining whether platforms offer Korean-language services, market to South Korean users, or support transactions in Korean won.
Withdrawal Support for Existing Users
The FIU acknowledged that website blocks could complicate withdrawals for existing users. Authorities plan to provide withdrawal guidance and support through the Digital Asset eXchange Alliance (DAXA) in cooperation with the operators.
