CryptoSlate
South Korea has ordered domestic access blocked to 27 crypto websites, including KuCoin and MEXC. The Financial Intelligence Unit disclosed the decisions on Oct. 13, following deliberations by the communications regulator on Oct. 6-7. The move extends earlier restrictions on app installations and updates for unregistered operators.
Why it matters
The rules apply to foreign providers serving Korean customers as well as domestic businesses. Authorities assess whether a provider is operating in South Korea based on factors including ISMS security certification, Korean-language websites, marketing directed at Koreans and support for won payments.
For existing customers, a website block can make it harder to reach an account and request a withdrawal. The FIU acknowledged that restrictions could cause withdrawal difficulties or other inconvenience. It plans to provide detailed withdrawal procedures through DAXA, a Korean exchange industry group, with cooperation from operators.
Market impact
That withdrawal support remains a future commitment. The announcement gives no implementation timetable or confirmed withdrawal route for KuCoin or MEXC customers, leaving users with balances to determine how they can access accounts and transfer assets if domestic website access is restricted.
The FIU urged users to withdraw crypto assets and deposits after identifying an unregistered operator, and warned them not to share private keys, login details or identity documents. Authorities also intend to pursue website blocking after detecting unregistered activity, without waiting for confirmed user losses or a judicial result. They plan to monitor replacement addresses and seek further blocking reviews if operators continue business through them.
Frequently asked questions
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Which crypto platforms are named among the 27 blocked websites?
The list includes KuCoin and MEXC, according to the FIU announcement.
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What could the website restrictions mean for existing customers?
A block on domestic website access could make it harder for existing customers to reach accounts and request withdrawals.
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Who is expected to provide withdrawal guidance?
The FIU plans to provide detailed withdrawal procedures through DAXA, a Korean exchange industry group, with cooperation from operators.
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Has South Korea confirmed withdrawal routes for KuCoin or MEXC users?
No confirmed withdrawal route or service-by-service implementation timetable for KuCoin or MEXC customers was announced.
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What information does the FIU warn users not to share?
The FIU warned users not to give unregistered operators private keys, login information or copies of identification.
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