South Korea blocks 27 crypto exchanges, including Bitmart and Kucoin
South Korea's financial regulators are continuing their crackdown on unregistered crypto exchanges by blocking access to 27 foreign-based websites, including KuCoin, BitMart, and MEXC, following restrictions on their mobile apps last year. The Korea Communications Standards Commission approved these website blocks after reviews in early October, and the restrictions apply to overseas-operated websites, with domestic ones facing service termination. The Financial Intelligence Unit emphasized that to operate legally in South Korea, exchanges must register with the FIU and comply with security and anti-money laundering requirements, though no deadline for registration was specified. The FIU also warned traders about potential difficulties in recovering funds from unauthorized platforms and is working with industry groups to assist affected users. Currently, 28 virtual asset service providers are registered with the regulator, and authorities have referred 44 unregistered operators for investigation.
