South Korea’s Financial Intelligence Unit (FIU) has approved measures to block domestic access to 27 websites operated by unregistered crypto exchanges and virtual asset service providers. The list includes major platforms such as KuCoin, MEXC, Phemex, Bitrue, CoinW, BTCC, BitMart, BingX, and DigiFinex. This decision follows reviews conducted by the Korea Media and Communications Standards Commission on October 6 and 7.
The blocking applies to platforms that have not registered under South Korea’s Act on Reporting and Using Specified Financial Transaction Information, which serves as the country’s primary anti-money laundering legislation for virtual assets. According to the FIU, these internet website blocks complement existing restrictions on mobile applications hosted on Apple and Google stores. The measures involve terminating domestically hosted services or blocking access to overseas-operated websites.
This regulatory action expands upon earlier restrictions targeting mobile apps. In April 2025, South Korea blocked downloads and updates for 14 unregistered crypto exchange apps on Apple’s App Store, following similar restrictions on 17 apps through Google Play. The current move signifies a broader enforcement strategy against illegal virtual asset operators, ensuring that web-based access is restricted alongside app-based channels.
The expansion of South Korean regulatory enforcement from mobile applications to direct website blocking marks a significant tightening of market access controls for unregistered global exchanges. By coordinating with the Korea Media and Communications Standards Commission, the Financial Intelligence Unit demonstrates a multi-agency approach to enforcing anti-money laundering compliance. This shift reduces the ability of users to bypass app store restrictions via desktop browsers, effectively closing a major loophole in previous enforcement efforts.
For international exchanges operating without local registration, this development signals an increasingly hostile environment for passive market entry. The specific naming of high-volume platforms like KuCoin and MEXC underscores that scale does not exempt entities from strict jurisdictional compliance requirements. Market participants should anticipate continued pressure on unregistered venues to either secure local licensing or withdraw entirely from the South Korean user base to avoid further legal and operational risks.
