South Korea blocks websites of 27 unregistered overseas crypto exchanges
South Korea has ordered domestic access restrictions on 27 unregistered overseas cryptocurrency exchange websites, including KuCoin and MEXC, widening enforcement beyond mobile app stores.
South Korea's communications review authority has ordered domestic access restrictions on 27 unregistered overseas cryptocurrency exchange websites following a request by the country's Financial Intelligence Unit, according to Etoday and regulatory notices. The measure, decided after reviews conducted on October 6–7, targets major foreign platforms including KuCoin, MEXC, Phemex, XT.com, Bitrue, CoinW, Poloniex, BTCC, BingX, and BitMart.[1][2][3][6]
The website blockade expands upon earlier restrictions that limited new app downloads and updates on Google and Apple app marketplaces. For platforms utilizing domestic servers, operational accounts are being terminated, while domestic web access is being blocked for those hosted on overseas servers. Regulators emphasized that operating an unregistered virtual asset business is inherently illegal under the Specific Financial Information Act, empowering authorities to block access immediately upon discovering unregistered activities without waiting for confirmed user damages or full investigation findings. Unreported operations targeting South Korean residents carry statutory penalties of up to five years in prison or fines of up to 50 million won.[1][4]
The FIU has referred 44 unregistered virtual asset service providers to investigative authorities and stated that it will seek additional blocks against alternative domains set up to circumvent the restrictions. While authorities acknowledged that local customers could encounter difficulties withdrawing their assets from the restricted platforms, they noted that withdrawal guidance will be provided to affected users through the Digital Asset Exchange Association.[1][5]
Key facts
- South Korea's communications review authority ordered domestic access restrictions on 27 unregistered overseas crypto exchange websites following October 6–7 reviews.
- The blocked platforms include KuCoin, MEXC, Phemex, XT.com, Bitrue, CoinW, Poloniex, BTCC, BingX, and BitMart.
- Enforcement terminates domestic server accounts and blocks web access for foreign servers, expanding past app store download bans.
- Under the Specific Financial Information Act, authorities can block access upon detecting unregistered business operations without waiting for confirmed user damages.
- Operating an unreported virtual asset business in South Korea carries penalties of up to five years in prison or fines up to 50 million won.
- The FIU has referred 44 unregistered providers to investigative authorities and intends to block circumvention mirror domains.
- Authorities stated that withdrawal guidance would be provided to affected users through the Digital Asset Exchange Association (DAXA).
Sources · 6 sources
- WB
Wu Blockchain@WuBlockchainPost on X ·
South Korea Orders Website Blocks on 27 Unregistered Overseas Crypto Exchanges, Including KuCoin, MEXC and BingX South Korea's Financial Intelligence Unit (FIU) announced that the country's communications review authority has ordered domestic access restrictions on 27 unregistered overseas cryptocurrency exchange websites, including KuCoin, MEXC, Phemex, XT com, Bitrue, CoinW, Poloniex, BTCC, BingX and BitMart, according to Etoday. The decision, made following reviews on October 6–7, expands existing restrictions on app downloads and updates to exchange websites. The FIU has referred 44 unregistered virtual asset service providers to investigative authorities and plans to seek additional blocks on alternative domains used to circumvent the restrictions. Authorities said they would also provide withdrawal guidance to affected users through DAXA.
Open source - CB
Crypto Briefing@Crypto_BriefingPost on X ·
🇰🇷 NEW: South Korea has ordered authorities to block the websites of 27 unregistered overseas crypto exchanges, the country's Financial Intelligence Unit announced. https://t.co/tmshHCNLud
Open source - TB
The Block@TheBlockCoPost on X ·
THE BLOCK: South Korea will block access to 27 websites of unregistered virtual asset service providers. Affected platforms include KuCoin, MEXC, Phemex, CoinW, BingX, and BitMart. https://t.co/Bs5P8arEsk
Open source - BS
BSCN@BSCNewsPost on X ·
South Korea Targets 27 Crypto Exchanges in Website Blockade South Korea has ordered access restrictions on 27 unregistered overseas crypto platforms, including KuCoin, MEXC and BingX. The restriction expands the coverage of the measures taken from mobile apps to web portals, according to Financial Intelligence Unit. Authorities can now seek blocks without waiting for confirmed user losses, according to the report. It is now necessary that foreign platforms providing services to South Korean residents should also register locally.
Open source - CT
Coin TelegraphArticle ·
South Korea moves to block 27 crypto websites, including KuCoin, MEXC Authorities said the restrictions are aimed at unregistered exchanges and have acknowledged that customers could have difficulty withdrawing assets.
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🇰🇷 LATEST: South Korea’s financial watchdog has blocked local access to 27 unregistered crypto exchange websites, including KuCoin, MEXC, and Phemex. https://t.co/5CoallsMro
Open source