South Korea’s Financial Intelligence Unit has ordered access restrictions on 27 websites operated by unregistered overseas cryptocurrency exchanges, including KuCoin, MEXC, Phemex, BingX and BitMart.

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The move follows previous action against offshore exchanges. In August 2022, the FIU sought to block access to 16 platforms, including KuCoin and MEXC, over alleged failures to meet local requirements.

In November 2025, authorities outlined further measures against high-risk offshore exchanges as part of a wider anti-money laundering overhaul, including plans to extend transaction reporting requirements to transfers below 1 million won.

South Korea Targets Crypto Websites and Apps

The country’s communications review body approved the latest restrictions following reviews on October 6 and 7. The measures extend enforcement beyond mobile applications to websites. The FIU warned that users could face difficulties accessing funds or making withdrawals.

Authorities assess whether exchanges operate locally based on factors including Korean-language websites, marketing Marketing Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Read this Term targeting South Korean users and support for payments in won.

The website restrictions follow earlier action against exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term applications. In March 2025, Google Play restricted 17 unregistered platforms, including KuCoin and MEXC, after the FIU sought limits on new installations and updates.

JUST IN: South Korea blocks access to KuCoin, MEXC and BingX websites among 27 platforms. • Blocked: Phemex, Poloniex, BTCC, and Bitmart. • Prior bans already removed their mobile apps. https://t.co/AJSVqR6M0r

— Bitcoin Archive (@BitcoinArchive) October 13, 2026

Unregistered Crypto Exchanges Face Prison, Fines

The FIU plans to seek website blocks after detecting unregistered activity, subject to approval from the communications review body. Authorities do not need to wait for a court ruling or confirmed user losses. They also intend to target replacement websites if blocked exchanges resume operations under new addresses.

Operating without registration can result in up to five years’ imprisonment or a fine of up to 50 million won, worth approximately $37,000.