South Korea Blocks 27 Crypto Exchange Websites, Including KuCoin, BitMart

South Korea has moved to cut off web access to 27 overseas cryptocurrency exchange platforms operating without local registration, with KuCoin, MEXC, Phemex, BingX and BitMart among the sites affected. The country's Financial Intelligence Unit (FIU) requested the blocks, and the national communications review body approved them following reviews conducted on October 6 and 7.

The list of targeted platforms also includes Poloniex and BTCC. The FIU said the action marks a shift in enforcement scope, moving beyond mobile applications to the exchanges' websites. It warned that users of the affected platforms could run into trouble accessing their balances or processing withdrawals.

A years-long enforcement track

Seoul has taken repeated aim at offshore venues it considers outside its registration regime. In August 2022, the FIU sought to block access to 16 platforms, including KuCoin and MEXC, over alleged failures to satisfy local requirements. In March 2025, Google Play restricted 17 unregistered crypto platforms, among them KuCoin and MEXC, after the FIU pushed for limits on new installations and updates.

More recently, in November 2025, authorities set out additional measures against high-risk offshore exchanges as part of a broader anti-money laundering overhaul. That package included plans to extend transaction reporting obligations to transfers below 1 million won.

Regulators determine whether a platform is operating locally by looking at factors such as Korean-language websites, marketing aimed at South Korean users and support for payment in won. Under the current approach, the FIU can seek website blocks once it detects unregistered activity, subject to approval from the communications review body. Authorities do not have to wait for a court ruling or evidence of confirmed user losses before acting, and they have said they will also pursue replacement domains if blocked exchanges reappear under new addresses.

Operating a crypto business without registration in South Korea carries a maximum penalty of five years in prison or a fine of up to 50 million won, roughly $37,000. The latest round of restrictions signals that offshore exchanges serving Korean-language users remain a priority for the FIU as it widens its AML enforcement toolkit.