South Korea Orders Website Blocks on 27 Unregistered Crypto Exchanges, Including KuCoin and MEXC
South Korea has ordered domestic access restrictions on the websites of 27 unregistered overseas cryptocurrency exchanges, including KuCoin, MEXC and BingX, as authorities expand efforts to enforce local rules governing virtual asset service providers. The action was announced by the country's Financial Intelligence Unit (FIU) following a review conducted on October 6–7, according to a report by Etoday cited by Wu Blockchain.
The restrictions target overseas cryptocurrency trading platforms that have not registered with South Korean authorities. The country's communications review authority ordered the website blocks, extending measures that had already restricted app downloads and updates associated with the affected exchanges.
27 Overseas Cryptocurrency Exchanges Face Access Restrictions
The list of affected platforms includes KuCoin, MEXC, Phemex, XT.com, Bitrue, CoinW, Poloniex, BTCC, BingX and BitMart. These exchanges are among the 27 unregistered overseas platforms covered by the latest restrictions.
The decision broadens the scope of South Korea's existing enforcement measures by targeting access through exchange websites in addition to restrictions involving mobile applications. The action is directed at platforms that have not completed the required registration process to operate within the country's regulatory framework.
The announcement does not provide individual enforcement details for each exchange or specify how the website restrictions will affect every platform. However, the inclusion of multiple overseas trading services indicates that the measures extend beyond a single exchange or cryptocurrency provider.
FIU Refers 44 Unregistered Providers for Investigation
Alongside the website restrictions, the FIU has referred 44 unregistered virtual asset service providers to investigative authorities. The referrals represent a separate enforcement step targeting providers operating without the required registration.
Authorities also plan to pursue additional website blocks against alternative domains used to circumvent the restrictions. The planned action addresses the possibility that affected platforms could remain accessible through different web addresses even after their primary websites are blocked domestically.
The planned domain restrictions are part of the broader effort to limit access to unregistered cryptocurrency services. By targeting alternative addresses, authorities intend to extend the reach of the existing measures beyond the websites initially identified.
Withdrawal Guidance for Affected Users
South Korean authorities said they would provide withdrawal guidance to affected users through the Digital Asset Exchange Alliance (DAXA). The guidance is intended to help users understand how to withdraw assets held on the affected platforms amid the access restrictions.
The announcement places user withdrawals alongside website blocking and investigative referrals as part of the response to unregistered overseas markets exchanges. It does not specify a withdrawal deadline, provide figures for the number of affected customers, or disclose the total value of assets held on the platforms.
The latest action therefore covers three distinct areas: domestic website access restrictions involving 27 overseas exchanges, referrals of 44 unregistered virtual asset service providers to investigative authorities, and planned additional blocks targeting alternative domains. DAXA is expected to assist affected users by providing withdrawal guidance.
Writer: Victoria HaleTechnology & Blockchain WriterVictoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.She prioritises clarity and accuracy when explaining technical developments to a general audience.
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