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South Korea to block 27 crypto sites, including KuCoin

South Korea approved access restrictions on 27 unregistered crypto sites, including KuCoin and BitMart, extending controls from mobile apps to websites.

By Web3 Hub Newsroom2 min read

South Korea to block 27 crypto sites, including KuCoin

South Korea’s Financial Intelligence Unit said Oct. 13 that authorities approved domestic access restrictions on 27 unregistered crypto websites, including KuCoin and BitMart, extending earlier controls on mobile apps. The Financial Services Commission announcement said the Korea Media and Communications Standards Commission reviewed the sites on Oct. 6 and 7.

How will the restrictions work?

Websites operated overseas will be blocked in South Korea, while services operated or hosted domestically will be terminated, the FIU said. The CoinDesk report also named MEXC, Phemex and BingX among the platforms affected.

The restrictions apply to operators that have not registered under South Korea’s Act on Reporting and Using Specified Financial Transaction Information. The FIU says foreign platforms must register if they target South Korean customers; its criteria include Korean-language services, marketing to Korean users and support for won payments.

What happens to customers’ funds?

The FIU warned that unregistered platforms lack some anti-money-laundering controls and user-asset protections required of registered businesses. It said access restrictions could make withdrawals harder for existing users, and plans to work with the Digital Asset eXchange Alliance, or DAXA, and operators to provide withdrawal instructions and support.

The agency urged users to check whether their platform is registered and withdraw assets from unregistered operators. It said 28 crypto businesses are registered with the FIU, while 44 unregistered operators have been referred to investigators.

Will South Korea block more sites?

The FIU said it plans to seek reviews and restrictions as soon as it detects illegal activity, without waiting for confirmed customer losses or investigation results. It will also monitor for replacement websites set up to bypass blocks and request further reviews, the commission said.

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