South Korea Moves to Block 27 Crypto Exchange Websites, Including KuCoin, MEXC

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Unregistered Exchanges and VASPs in South Korea":"The Financial Intelligence Unit (FIU) of South Korea has approved measures to block domestic access to 27 websites operated by unregistered crypto exchanges and other virtual asset service providers (VASPs). This includes KuCoin, MEXC, and other platforms like CoinW, BTCC, BitMart, and Bitrue. The FIU announced these restrictions following reviews by the Korea Media and Communications Standards Commission on October 6 and 7. The decision aims to address unregistered exchanges and VASPs that have not registered under the Act on Reporting and Using Specified Financial Transaction Information, the country's anti-money laundering legislation.","

Impact on Users":"The block applies to crypto platforms that have not registered under the Act on Reporting and Using Specified Financial Transaction Information. The FIU stated that the measures involve terminating services hosted domestically or blocking access to websites operated overseas. The move follows earlier restrictions on mobile apps. The FIU acknowledged that the website blocks could complicate withdrawals for existing users and plans to provide withdrawal guidance and support through the Digital Asset eXchange Alliance (DAXA).","

Regulatory Environment":"The FIU assesses whether overseas operators target Korean customers by looking at whether platforms offer Korean-language services, market to South Korean users, or support transactions in Korean won. The FIU also noted that the decision applies to internet websites, following apps such as those on Apple and Google Play."}