South Korea blocks websites of 27 unregistered crypto exchanges, including KuCoin and MEXC

South Korea is blocking access to the websites of 27 unregistered crypto exchanges, including KuCoin, BitMart and MEXC, the country's Financial Intelligence Unit (FIU) said on Tuesday.

What happens now

• The Korea Communications Standards Commission approved the restrictions after reviews on 6 and 7 October.
• Sites run from abroad will be blocked; those operating domestically face service termination.
• Regulators can now seek a block as soon as they detect unregistered activity, without waiting for a court ruling or evidence of customer losses.

The move follows last year's restrictions on these exchanges' apps in the Google and Apple stores. The FIU did not say how long the blocks will last.

How to operate legally

Any exchange serving South Korean customers must register with the FIU and meet security and anti-money-laundering requirements. Only 28 virtual asset service providers are currently registered. The FIU has referred 44 unregistered operators to investigators and says it will go after sites that reopen under new addresses.

KuCoin said it respects local laws and that user assets remain safe.

Advice to users

The regulator warned that people using unauthorised platforms may struggle to recover funds. It is working with the DAXA industry group to help affected customers withdraw, and urged investors to check whether their exchange is registered.