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South Korea moves to block 27 crypto websites, including KuCoin, MEXC
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South Korea has approved measures to block domestic access to 27 websites operated by unregistered cryptocurrency exchanges and virtual asset service providers, including major platforms such as KuCoin, MEXC, Phemex and Bitrue. The country's Financial Intelligence Unit (FIU) announced the decision on Tuesday, following reviews conducted by the Korea Media and Communications Standards Commission on October 6 and 7. The move represents the first time website access restrictions have been applied, expanding on earlier app-level blocks.
The list of affected platforms also includes CoinW, BTCC, BitMart, BingX and DigiFinex, among others. The block targets crypto platforms that have not registered under the Act on Reporting and Using Specified Financial Transaction Information, South Korea's primary anti-money laundering legislation governing virtual asset service providers. The FIU stated that the measures involve terminating services hosted domestically or blocking access to websites operated overseas.
"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 of its announcement. This marks an escalation of Seoul's crackdown on unregistered crypto operators, which began with app restrictions earlier in 2025.
In April 2025, South Korea blocked downloads and updates for 14 unregistered crypto exchange apps on Apple's App Store, following restrictions on 17 apps distributed through Google Play. The FIU said it assesses whether overseas operators target Korean customers by examining whether platforms offer Korean-language services, market directly to South Korean users, or support transactions denominated in Korean won.
Authorities have acknowledged that the website blocks could create difficulties for existing users attempting to withdraw their assets. The FIU said it plans to provide withdrawal guidance and support through the Digital Asset eXchange Alliance (DAXA), an industry body of domestic exchanges, in cooperation with the affected platform operators.
The crackdown comes amid broader challenges for South Korea's crypto sector. Profits at domestic crypto exchanges fell 78% in the first half of the year amid a sharp trading slump, underscoring the pressures facing the industry even as regulators tighten oversight of offshore competitors.
Looking ahead, the FIU's expanded enforcement signals a sustained effort to bring all crypto services targeting Korean users under domestic regulatory frameworks, while authorities work to safeguard user funds caught in the transition.
