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.
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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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