South Korea locks out crypto users as 27 exchange sites go dark
FIU plans withdrawal guidance through DAXA with operators’ cooperation as website restrictions raise access concerns for existing users. Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
South Korea has ordered the blocking of domestic access to 27 crypto websites, including KuCoin and MEXC, extending its crackdown on unregistered operators and raising concerns about existing customers’ ability to withdraw.
The country’s Financial Intelligence Unit (FIU) disclosed the decisions on Oct. 13. South Korea’s communications standards regulator made them following two deliberations on Oct. 6-7, at FIU’s request.
Both exchanges appear in the official list of websites covered by the decisions. FIU says foreign providers serving Korean customers face the same registration requirements as domestic businesses.
The requirements include certification under Korea’s Information Security Management System (ISMS), and they consider Korean-language websites, marketing aimed at Koreans, and support for won payments when assessing whether a foreign provider is doing business in the country.
Related ReadingApp marketplaces had already blocked new installations and updates for unregistered operators, FIU said.
South Korea had already restricted 17 Google Play apps, including KuCoin and MEXC, on March 26, 2025. At that point, FIU was pursuing website restrictions alongside further app-market action.
For users who already hold assets on a platform, a website block can interfere with reaching an account and requesting a withdrawal. FIU acknowledged that blocking could cause withdrawal restrictions or other inconvenience for existing users.