South Korea Greenlights Ban on 27 Cryptocurrency Platforms Including KuCoin and MEXC
Regulators in South Korea have given the go-ahead to restrict local users from accessing 27 platforms run by crypto exchanges and virtual asset service providers that lack proper registration, with KuCoin, MEXC, Phemex and Bitrue among those affected.
Regulators in South Korea have given the go-ahead to restrict local users from accessing 27 platforms run by crypto exchanges and virtual asset service providers that lack proper registration, with KuCoin, MEXC, Phemex and Bitrue among those affected.
According to a Tuesday announcement from the Financial Intelligence Unit (FIU) of South Korea, this decision came after the Korea Media and Communications Standards Commission conducted evaluations on Oct. 6 and 7.
Among the affected platforms are also CoinW, BTCC, BitMart, BingX, DigiFinex and additional exchanges. These blocking measures target cryptocurrency platforms that have failed to complete registration requirements under the Act on Reporting and Using Specified Financial Transaction Information, which serves as the nation's framework for preventing money laundering.
"With this decision, blocking measures against illegal virtual asset operators will also apply to internet websites, following apps such as those on Apple and Google," the FIU said, according to a translation.
According to the announced measures, services will either be terminated for platforms with domestic hosting arrangements or access will be restricted for websites operating from foreign jurisdictions.
These latest enforcement actions build upon previous limitations imposed on mobile applications. In April 2025, Cointelegraph documented how South Korea had prevented the downloading and updating of 14 unregistered cryptocurrency exchange applications from Apple's App Store, which came after similar blocking measures affected 17 applications available through Google Play.
According to the FIU, regulators determine whether international operators are specifically targeting Korean consumers by examining multiple factors, including the availability of Korean-language interfaces, marketing efforts directed at South Korean users, and whether the platforms facilitate transactions denominated in Korean won.
The FIU recognized that implementing these website blocks may create difficulties for current users attempting to withdraw their assets. The agency indicated it intends to offer withdrawal instructions and assistance via the Digital Asset eXchange Alliance, or DAXA, working in coordination with the platform operators.