Switch to seedless. Get 30% off with SWITCH30 till Oct 21South Korea blocks 27 unregistered crypto exchanges
6.6 Regulation South Korea blocked access to 27 unregistered crypto exchanges, including KuCoin and MEXC, to enforce compliance and protect users. Authorities also referred 44 operators to investigators for further action.
South Korea has blocked domestic access to 27 unregistered cryptocurrency exchange websites, including major platforms like KuCoin, MEXC, Phemex, BingX, BitMart, XT.com, Bitrue, CoinW, and BTCC. The Financial Intelligence Unit (FIU) announced that the Korea Communications Standards Commission approved these restrictions after regulatory reviews on October 6 and 7. The blocks target both domestic and overseas-based sites that have not registered under South Korea’s financial regulations, particularly the Act on Reporting and Using Specified Financial Transaction Information. Authorities have also referred 44 unregistered operators to investigators and acknowledged that users may face difficulties withdrawing assets. Guidance for affected users is available through the Digital Asset Exchange Alliance. Since 2022, the FIU has monitored these exchanges, previously blocking unregistered exchange apps on Apple and Google platforms and restricting crypto purchases with credit cards. These measures aim to enhance compliance, protect users, and maintain market integrity.
