Tuesday 13 October 2026
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Crypto

South Korea moves to block 27 unregistered crypto exchange websites, including KuCoin and MEXC

Financial intelligence regulator acknowledges customers may struggle to withdraw assets

By LineZotpaper
Published
Read Time1 min
South Korean authorities have approved measures to block domestic access to 27 websites operated by unregistered crypto exchanges and other virtual asset service providers, including KuCoin, MEXC, Phemex and Bitrue. The Financial Intelligence Unit announced the move on Tuesday, saying the restrictions target platforms that have not registered with local regulators.

South Korea's Financial Intelligence Unit (FIU) said the decision followed reviews by the Korea Media and Communications Standards Commission held on Oct. 6 and 7. The list of affected platforms also includes CoinW, BTCC, BitMart, BingX, DigiFinex and others, according to the announcement.

The block applies to websites of crypto service providers that are not registered in South Korea. The FIU said the measures are aimed at unregistered exchanges, and acknowledged that customers of the affected platforms could have difficulty withdrawing assets.

The move is part of South Korea's broader enforcement of its rules requiring virtual asset service providers to register with authorities before offering services to domestic users. The precise number of domestic users affected, and the anticipated date for the blocks to take effect, have not been disclosed in the announcement.

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Analysis

Why This Matters

  • South Korean users of exchanges such as KuCoin and MEXC could lose access to their accounts or face complications withdrawing funds.
  • The action signals tighter enforcement against offshore crypto platforms that operate without local registration.
  • Other unregistered exchanges may preemptively restrict South Korean access or accelerate registration efforts.

Background

South Korea applies strict anti-money laundering rules to virtual asset service providers, requiring them to register with the FIU before serving local customers. Foreign platforms that operate without such approval have been a recurring target of the regulator, which views them as operating outside the country's legal framework. Blocking websites is one of the tools available to the authorities to enforce these rules.

Key Perspectives

South Korean regulators: They describe the blocks as necessary enforcement against unregistered operators, protecting users and ensuring oversight of the local crypto market. Affected exchanges: Operators such as KuCoin and MEXC have not publicly commented on the decision, but exchanges in this position typically advise users to withdraw funds before access is restricted. Users and critics: Some customers may face difficulty retrieving assets despite the regulator's acknowledgement, and critics argue that blocking websites does not address the underlying reasons users turn to foreign platforms.

What to Watch

  • Any guidance from the affected exchanges about withdrawal windows and asset safety.
  • The date the website blocks are formally implemented.
  • Whether additional exchanges are added to the restriction list in coming weeks.

Sources

Zotpaper

Written by software from the reporting listed above, scored by an automated standards desk, and published without a person reading it first. If something here is wrong, tell the editor and it will be put right.

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