South Korea has decided to block access to the websites of 27 foreign cryptocurrency platforms that it identified as operating in the country without registration.
South Korean authorities have taken a new step against cryptocurrency platforms targeting users in the country without proper registration. The Financial Intelligence Unit announced that access to the websites of 27 foreign virtual asset service providers will be blocked from within the country.
The list includes internationally known platforms such as KuCoin, MEXC, Phemex, Bitrue, BitMart, BingX, CoinW, BTCC, XT.com, and DigiFinex. The decision was approved following reviews conducted by the Korea Media and Communications Standards Commission on October 6 and 7.
According to South Korean legislation, foreign companies wishing to offer cryptocurrency services to investors in the country must register with the Financial Intelligence Unit. Authorities may consider elements such as operating a Korean-language website, marketing to users in the country, or offering services backed by the won as signs of targeting the local market.
Access restrictions do not automatically mean that user accounts or assets on the platforms in question are frozen. However, authorities acknowledge that users unable to access the websites may experience difficulties withdrawing funds. It has been stated that investors experiencing problems can seek assistance from the Digital Asset Exchanges Association, an organization comprised of the country’s major cryptocurrency exchanges.
South Korea has previously targeted mobile applications from similar platforms. In April 2025, Apple’s app store and Google Play imposed download and update restrictions on 14 and 17 unregistered crypto applications respectively. The new decision expands the control to include websites as well.
The decision does not mean that KuCoin or MEXC will be shut down worldwide. The access restriction applies to users in South Korea and to services that are reportedly operating without registration in the country.
*This is not investment advice.
