South Korea’s financial regulators have ordered domestic access restrictions against 27 unregistered overseas cryptocurrency exchange websites, including KuCoin, MEXC, BingX, Phemex, XT.com, Bitrue, CoinW, Poloniex, BTCC and BitMart.
The Financial Services Commission announced on October 13 that the country’s communications review authority approved the restrictions at the request of the Financial Intelligence Unit, following regulatory reviews held on October 6 and 7. The decision extends existing controls on foreign crypto exchange apps to websites operating without the required domestic registration.
Under South Korean rules, overseas exchanges targeting local customers must register with financial intelligence authorities and meet requirements including Information Security Management System certification. Regulators assess factors such as Korean-language websites, local promotions and Korean won payment support. Operating without registration can carry a possible prison sentence of up to five years or a fine of up to 50 million won.
The FIU said 44 unregistered virtual asset operators have been referred to investigative agencies over suspected unauthorized business activities. Authorities also plan to monitor alternative domains and request further access restrictions if exchanges attempt to circumvent the blocks. For affected users, the FIU will coordinate with DAXA to provide withdrawal instructions and procedural assistance.
Authorities warned that unregistered platforms may expose users to personal information breaches, hacking, money laundering and high fees. A June 2026 joint investigation involving DAXA and registered operators found trading fees from 1.5% to 10% among examined businesses, compared with an average of 0.16% at South Korea’s five major won-based exchanges.
The restrictions follow earlier app-store measures introduced through Google Play and Apple’s App Store. Among the named platforms, KuCoin, MEXC and BitMart operate native exchange tokens, which may face additional scrutiny as the platforms lose direct access to South Korean users.
