South Korea Moves to Block 27 Crypto Exchange Sites
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
South Korean authorities have approved blocking domestic access to 27 crypto websites operated by unregistered exchanges and virtual asset service providers, including KuCoin, MEXC, Phemex, and Bitrue. The decision follows reviews by the Korea Media and Communications Standards Commission and targets platforms not registered under the country’s anti-money laundering law. The blocking applies to websites and follows previous bans on mobile apps from unregistered crypto operators.
Why it matters
The source indicates this move extends South Korea’s regulatory crackdown on illegal virtual asset operators by targeting their websites, not just apps. This could significantly impact market access for South Korean users and enforcement of anti-money laundering rules, though the FIU notes withdrawal complications may arise, prompting plans for user support through the Digital Asset eXchange Alliance.
Key context
The blocking measures stem from the Act on Reporting and Using Specified Financial Transaction Information tied to anti-money laundering in South Korea. The FIU assesses whether offshore platforms target Korean users based on language support, marketing, or Korean won transactions. This action follows earlier restrictions on 31 unregistered crypto apps on major app stores reported in April 2025.
Key numbers and entities
The authorities approved blocking 27 crypto websites, including KuCoin, MEXC, Phemex, Bitrue, CoinW, BTCC, BitMart, BingX, and DigiFinex. The enforcement involves the South Korean Financial Intelligence Unit (FIU), Korea Media and Communications Standards Commission, and the Digital Asset eXchange Alliance (DAXA).
What remains unclear
The source does not specify the technical methods of blocking the overseas websites or how effectively withdrawals can be managed for existing users. Details on the timeline for implementing the blocks and enforcement beyond website blocking are also not provided.