13.10.2026 11:03
South Korea has tightened its inspections of cryptocurrency platforms operating unregistered. The country's Financial Intelligence Unit (FIU) announced that access bans have been imposed on 27 cryptocurrency platforms, including KuCoin, MEXC, WEEX, KCEX, and XT.com. The FIU, which undertakes similar duties to Turkey's Financial Crimes Investigation Board (MASAK), announced that new measures will be implemented within the scope of protecting users and combating money laundering.
South Korea has taken action against foreign cryptocurrency platforms operating in the country without completing the required registration procedures. The Financial Intelligence Unit (FIU), affiliated with the Financial Services Commission, announced that access to the websites of 27 platforms has been blocked from within the country. The decision was made following a review conducted by the Korea Communications Standards Commission.
FOREIGN-BASED PLATFORMS ARE ALSO SUBJECT TO REGULATIONS
Companies wishing to provide crypto asset services in South Korea must meet the necessary requirements, such as the Information Security Management System (ISMS) certification, and make an official notification to the FIU. Platforms headquartered in other countries but providing services to users in South Korea are also subject to the same obligations. Companies operating without completing the required registration procedures, however, may face penal sanctions.
USERS' ASSETS AND PERSONAL DATA ARE AT RISK
The FIU drew attention to the fact that unregistered cryptocurrency platforms remain outside the necessary oversight mechanisms related to anti-money laundering and the protection of customer assets. Authorities stated that risks of personal data breaches, cyberattacks, and fraud may increase on these platforms. It was emphasized that in situations such as users being unable to receive their crypto assets despite making payments or encountering high transaction fees without prior notice, compensation for losses may become difficult.
27 CRYPTOCURRENCY PLATFORMS WHOSE ACCESS HAS BEEN BLOCKED
Among the platforms that South Korea has decided to block access to are KuCoin, MEXC, Phemex, XT.com, Bitrue, CoinW, ZoomEX, Poloniex, BTCC, DigiFinex, Pionex, Blofin, Apex Pro, WEEX, BitMart, KCEX, BingX, P2B, Nonkyc.io, SUPEREX, Coin Solution, Sinbad Solution, Xgram, Tapbit, CoinMy, BigONE, and Ubit.
SANCTIONS ALSO COVER MOBILE APPLICATIONS
In South Korea, measures against unregistered cryptocurrency platforms are not limited to blocking their websites. Authorities are also making efforts to have the mobile applications of platforms that do not have the necessary permits removed from the Apple App Store and Google Play. The FIU, while reminding that providing unregistered crypto asset services may constitute a crime under the country's legislation on financial transaction information, stated that the measures taken are intended to protect users from potential victimization before it occurs. South Korea's approach, covering websites and mobile applications, brings the scope and effectiveness of oversight against unauthorized cryptocurrency platforms back to the agenda.