🥊 South Korea🇰🇷: 27 crypto services blocked

🥊 South Korea🇰🇷: 27 crypto services blocked

The Financial Intelligence Unit (FIU) blocked access to websites and mobile applications operated by cryptocurrency exchanges and crypto service providers that are not registered in the country.

⚫️ The list of blocked platforms includes KuCoin, MEXC, Phemex, BingX, BitMart, XT.com, Bitrue, CoinW and BTCC. The restrictions were imposed following a review by the Korea Communications Standards Commission (KCSC). Websites whose servers are located in the country will be shut down, while access to foreign websites will be blocked. The Digital Asset Exchange Alliance (DAXA) has pledged to help users withdraw funds from the blocked platforms. The FIU also forwarded information on 44 unregistered operators to investigative authorities.

⚫️ The FIU has been taking action against foreign crypto exchanges since 2022, when it first requested the blocking of 16 crypto services. In May 2024, it restricted credit card payments for purchasing crypto assets on unregistered platforms. A year later, cryptocurrency exchange apps targeting Korean users were removed from the App Store and Google Play. Approximately 27 domestic crypto platforms are currently registered with the FIU, with most market activity concentrated on Upbit and Bithumb.

⚫️ The FIU plans to track domain changes and block mirror sites, but authorities cannot prevent traders from accessing platforms through VPNs or using their accounts. The agency reminded users that all crypto service providers must register with the FIU and use an information security management system (ISMS). Violations can result in up to 5 years in prison or a fine of USD 37,000.

⚫️ Context: on August 11, 2026, an amendment came into force to the enforcement decree of the Act on Reporting and Using Specified Financial Transaction Information, tightening anti-money laundering (AML) standards for transactions involving foreign crypto exchanges. Investors must prove ownership of their foreign-currency accounts, and transactions are subject to verification by Korean exchanges.

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