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ZEC $1,227 South Korea Blocks 27 Crypto Sites Including KuCoin, MEXC
Regulators approved domestic access blocks for 27 unregistered crypto exchange websites, extending earlier app restrictions to web platforms.
Key takeaways
- 27 sites blocked. South Korea has blocked domestic access to 27 unregistered crypto exchange websites, including KuCoin and MEXC.
- 44 operators referred. Regulators have referred 44 unregistered crypto operators to investigative authorities for suspected unauthorized business activities.
What happened
South Korean regulators 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 decision was announced by the country's Financial Intelligence Unit (FIU) on October 13, 2026, following reviews by the Korea Media and Communications Standards Commission held on October 6 and 7.
The block targets platforms that have not registered under South Korea's Act on Reporting and Using Specified Financial Transaction Information, the nation's anti-money laundering legislation. Measures include terminating services hosted on domestic servers and blocking access to overseas-operated sites.
The list of blocked sites also includes CoinW, BTCC, BitMart, BingX, DigiFinex, XT.com, Poloniex and others, per the FIU's announcement. The FIU noted that the website restrictions extend earlier blocks on unregistered exchange mobile apps from Apple's App Store and Google Play to web platforms.
The regulator acknowledged the blocks may create difficulties for existing users seeking to withdraw assets, and said it will work with the Digital Asset eXchange Alliance (DAXA) and operators to provide withdrawal guidance and support.
Why it matters
The restrictions represent a significant expansion of South Korea's efforts to crack down on unregistered crypto operators targeting local users. Regulators assess whether overseas platforms target Korean customers by checking for Korean-language services, local marketing, or support for Korean won transactions.
Unregistered crypto operations are illegal under South Korean law, with penalties of up to five years in prison or fines of up to 50 million won. The FIU has already referred 44 unregistered operators to investigative authorities for suspected unauthorized business activities.
Regulators also warned that unregistered platforms often charge excessive fees, with a June 2026 DAXA investigation finding fees at illegal platforms range from 1.5% to 10%, as much as 62 times the 0.16% average fee charged by South Korea's five largest domestic won-based exchanges.
Users of these platforms also face higher risks of hacking, personal data leaks, money laundering and investment fraud, with limited recourse for lost funds. The FIU stated that early restrictions are intended to prevent consumer harm, as unregistered platforms may accept payment without delivering promised crypto assets.
The FIU added that it will continue monitoring for alternative websites operators may create to bypass the restrictions, and will request further reviews and blocks when new unregistered sites are identified.
Background
This is the latest step in South Korea's multi-year crackdown on unregistered crypto operators. In March 2025, Google Play restricted 17 unregistered exchange apps at the request of Korean regulators, followed by Apple's App Store blocking 14 unregistered exchange apps in April 2025. The new website blocks extend these earlier app restrictions to web platforms.
Questions readers ask
Which crypto exchanges are blocked in South Korea?
South Korea has blocked domestic access to 27 unregistered crypto exchange websites, including KuCoin, MEXC, Phemex, Bitrue, BingX, BitMart and others. The restrictions apply to platforms that have not registered under the country's anti-money laundering crypto reporting rules.
Why is South Korea blocking crypto websites?
The blocks target unregistered crypto operators that violate South Korea's Act on Reporting and Using Specified Financial Transaction Information. Regulators say the measures are intended to prevent money laundering, protect users from fraud and excessive fees, and stop unauthorized crypto business activities.
Can I withdraw funds from blocked crypto exchanges in South Korea?
The Financial Intelligence Unit has acknowledged the blocks may complicate withdrawals for existing users. It plans to work with the Digital Asset eXchange Alliance and affected operators to provide withdrawal guidance and support.
