South Korea Blocks 27 Unregistered Crypto Exchange Websites
South Korea expands crypto website bans
South Korean authorities have approved measures to block access to 27 websites operated by unregistered crypto exchanges and virtual asset service providers. The Financial Intelligence Unit (FIU) announced the decision on October 13, 2026.
The affected platforms include KuCoin, MEXC, Phemex, Bitrue, CoinW, BTCC, BitMart, BingX, and DigiFinex. These sites have not registered under South Korea's anti-money laundering legislation, known as the Act on Reporting and Using Specified Financial Transaction Information.
What the FIU announcement says
The FIU stated that the decision followed reviews by the Korea Media and Communications Standards Commission on October 6 and 7. The agency said the new measures extend existing restrictions beyond mobile apps to include internet websites.
"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 in its announcement, according to a translation.
The FIU determines whether overseas operators target Korean customers by checking if platforms offer Korean-language services, market to South Korean users, or support transactions in Korean won.
Users may face withdrawal difficulties
The FIU acknowledged that the website blocks could make it harder for existing users to withdraw their assets. The agency said it plans to provide withdrawal guidance and support through the Digital Asset eXchange Alliance (DAXA), with cooperation from the operators.
Why this matters for South Korea's crypto market
South Korea has been tightening its approach to unregistered crypto exchanges. In April 2025, the country blocked downloads and updates for 14 unregistered crypto exchange apps on Apple's App Store, after previously restricting 17 apps on Google Play.
The broader context includes a sharp drop in profits for licensed South Korean crypto exchanges, which fell 78% in the first half of 2026 amid a trading slump.
What is confirmed
- South Korea is blocking 27 crypto exchange websites that are unregistered under its AML law.
- KuCoin, MEXC, Phemex, Bitrue, CoinW, BTCC, BitMart, BingX, and DigiFinex are among the blocked platforms.
- The FIU announced the decision on October 13, 2026, following reviews on October 6 and 7.
- The FIU acknowledged withdrawal difficulties and plans to work with DAXA for guidance.
What is still unclear
The sources do not specify whether users will lose access to funds already deposited on the blocked platforms or what happens if operators refuse to cooperate with the withdrawal process.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.