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South Korea's Financial Intelligence Unit announced that the country's communications review authority has ordered domestic access restrictions on 27 unregistered overseas crypto exchange websites, including KuCoin, MEXC, Phemex, XT.com, Bitrue, CoinW, Poloniex, BTCC, BingX and BitMart, according to Etoday.
The decision, made following reviews on October 6-7, extends existing restrictions on app downloads and updates to the exchanges' websites themselves.
Why it matters
The move is the sharpest enforcement sweep yet under Korea's registration regime for virtual asset service providers. The FIU has referred 44 unregistered overseas platforms to investigative authorities and says it will pursue additional blocks on alternative domains used to circumvent the restrictions, closing a common workaround.
Market impact
Korean users of the blocked venues face disrupted access, and authorities said withdrawal guidance for affected users will be provided through DAXA, the local exchange association. The sweep pushes domestic trading volume toward Korea's registered exchanges and raises compliance risk for any overseas platform still serving Korean customers without registration.
Source: [쿠코인ㆍMEXC 등 미신고 코인 사이트 27곳 국내 접속 차단 — ETODAY](https://www.etoday.co.kr/news/view/2635026)
Frequently asked questions
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Which crypto exchanges did South Korea block?
South Korea ordered domestic access restrictions on 27 unregistered overseas exchanges, including KuCoin, MEXC, Phemex, XT.com, Bitrue, CoinW, Poloniex, BTCC, BingX and BitMart.
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Why is South Korea blocking these exchanges?
The FIU acted because the platforms operate as unregistered virtual asset service providers, meaning they serve Korean users without the local registration Korea's crypto framework requires.
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Can Korean users still withdraw funds from blocked exchanges?
Authorities said withdrawal guidance for affected users will be provided through DAXA, Korea's exchange association, while access to the blocked websites is restricted.
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What happens to exchanges not on the blocked list?
The FIU referred 44 unregistered virtual asset service providers to investigative authorities and plans additional blocks on alternative domains used to circumvent the restrictions.
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When did South Korea decide on the exchange blocks?
The communications review authority made the decision following reviews conducted on October 6-7, at the request of the Financial Intelligence Unit.
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