South Korea’s
Financial Intelligence Unit has ordered access restrictions on 27 websites
operated by unregistered overseas cryptocurrency exchanges, including KuCoin,
MEXC, Phemex, BingX and BitMart.
London’s trading industry is coming home!
The move follows
previous action against offshore exchanges. In August 2022, the FIU
sought to block access to 16 platforms, including KuCoin and MEXC, over
alleged failures to meet local requirements.
In November 2025,
authorities outlined further
measures against high-risk offshore exchanges as part of a wider anti-money
laundering overhaul, including plans to extend transaction reporting
requirements to transfers below 1 million won.
South Korea Targets Crypto Websites and
Apps
The country’s
communications review body approved the latest restrictions following reviews
on October 6 and 7. The measures extend enforcement beyond mobile applications
to websites. The FIU warned that users could face difficulties accessing funds
or making withdrawals.
Authorities assess
whether exchanges operate locally based on factors including Korean-language
websites, marketing targeting South Korean users and support for payments in
won.
The website
restrictions follow earlier action against exchange applications. In March
2025, Google Play restricted 17 unregistered platforms, including KuCoin and
MEXC, after the FIU sought limits on new installations and updates.
JUST IN: South Korea blocks access to KuCoin, MEXC and BingX websites among 27 platforms.
• Blocked: Phemex, Poloniex, BTCC, and Bitmart.
• Prior bans already removed their mobile apps. https://t.co/AJSVqR6M0r
— Bitcoin Archive (@BitcoinArchive) October 13, 2026
Unregistered Crypto Exchanges Face
Prison, Fines
The FIU plans to seek
website blocks after detecting unregistered activity, subject to approval from
the communications review body. Authorities do not need to wait for a court
ruling or confirmed user losses. They also intend to target replacement websites
if blocked exchanges resume operations under new addresses.
Operating without registration can result
in up to five years’ imprisonment or a fine of up to 50 million won, worth
approximately $37,000.
This article was written by Tareq Sikder at www.financemagnates.com.
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