South Korea Blocks Websites of 27 Crypto Exchanges Including KuCoin and BitMart

Korea cuts off access to 27 unregistered crypto exchanges

South Korea has blocked the websites of 27 unregistered cryptocurrency exchanges, including KuCoin, BitMart, and MEXC. An exchange is a platform where people can buy and sell crypto. The move extends the country's earlier ban on these platforms' mobile apps to their web versions, closing the remaining easy route for domestic users to reach them.

The country's Financial Intelligence Unit (FIU) announced the blocks on Tuesday, Oct. 13. The Korea Communications Standards Commission approved the restrictions after reviews held on Oct. 6 and 7. Websites operated from overseas are blocked outright, while exchanges running operations inside South Korea face having their services shut down.

Key numbers and named exchanges

• 27 unregistered exchange websites blocked
• Named platforms include KuCoin, BitMart, and MEXC
• 44 unregistered operators referred to investigators by the FIU
• Only 28 virtual asset service providers currently registered with the regulator
• An estimated $110 billion in crypto left South Korean domestic exchanges in 2025

How the crackdown started

Regulators first blocked access to these exchanges through Google Play and the Apple App Store last year. The new website restrictions close the remaining gap, allowing regulators to act as soon as they spot unregistered activity without waiting for a court ruling or proof that customers have lost money.

What KuCoin said

A KuCoin spokesperson said the company "respects applicable laws and regulations across jurisdictions and continuously strengthen[s] its compliance framework in response to evolving regulatory requirements." The spokesperson added that "user assets remain safe and secure" and that further updates would come through KuCoin's official channels. BitMart, Phemex, and MEXC did not respond to CoinDesk's request for comment.

What the rules require

To legally serve South Korean customers, foreign exchanges must register with the FIU and meet the country's security and anti-money laundering requirements. The FIU did not announce a deadline for the blocked exchanges to register or specify how long the restrictions will remain in place.

Broader regulatory context

South Korea's proposed Digital Asset Basic Law has not yet taken effect. The law would create a legal framework covering crypto issuance, trading, custody, and supervision. The Financial Services Commission and Financial Supervisory Service announced new rules in April that removed exchanges' ability to let users bypass mandatory holding periods.

Warnings to investors

The FIU warned that traders using unauthorized platforms may have trouble getting their money back. To help with that, the FIU said it would work with the Digital Asset eXchange Alliance (DAXA), an industry group, to assist affected customers with withdrawing funds where access restrictions create problems. Investors were urged to verify whether their exchange is registered and to move assets away from unregistered operators.

What happens next

The FIU said it will seek additional blocks if websites reopen under different addresses. The Digital Asset Basic Law remains pending and could change the regulatory landscape once enacted.

Sources

• CoinDesk