CONFIRMED: This is based on a press release and attached name list from South Korea’s Financial Services Commission and its Financial Intelligence Unit, published on 13 October 2026.
South Korea is cutting off access to the websites of 27 crypto trading platforms that are operating without registering with its financial regulator. They include well-known global exchanges such as KuCoin, MEXC, BingX, BitMart and Poloniex [1].
The Korea Media and Communications Standards Commission, the country’s online content watchdog, made the decision after reviewing the sites on 6 and 7 October. It acted at the request of the Korea Financial Intelligence Unit (KoFIU), part of the Financial Services Commission (FSC) [1].
Sites run from abroad will be blocked for people in Korea. Where the server or the operator is in Korea, the service will be terminated [1].
Why these sites?
Under Korea’s Specific Financial Transaction Information Act, any business that runs a crypto exchange for people in Korea must register with KoFIU, which includes passing a security certification called ISMS. Running one without registering is a crime, punishable by up to five years in prison or a fine of up to 50 million won [1].
The rules apply to foreign companies too if they target Korean customers. The regulator says it looks at three things together: whether a site offers a Korean-language version, whether it runs marketing aimed at Korean customers, and whether it lets people pay in won [1].
Apps first, now websites
Google and Apple already block new downloads and updates of these platforms’ apps in Korea at KoFIU’s request. This decision extends the block to the websites [1].
The regulator says it will not wait for investigation results, court rulings or complaints from users before acting. “Because unregistered virtual asset business is itself illegal under the Act, we agreed that the information needs to be blocked early, even before any harm to users has been confirmed,” the release says (TSN translation) [1].
KoFIU says it has so far referred 44 unregistered operators to investigators [1]. It also plans to keep checking for replacement websites, as operators may change web addresses to get around the block [1].
The fees
The FSC points to a joint investigation in June 2026 by DAXA, the alliance of Korea’s registered exchanges. It found the platforms it caught charged average trading fees of 1.5% to 10%. That compares with an average of 0.16% at Korea’s five big won-based exchanges, which the regulator says is “up to 62 times” higher (TSN translation) [1].
The regulator also warns that these platforms are not supervised in Korea, so they lack money-laundering controls and protections for customers’ assets, and losses can be hard to recover [1].
The 27 sites
According to the FSC’s attached list, the sites are: KuCoin, MEXC, Phemex, XT.com, Bitrue, CoinW, ZoomEX, Poloniex, BTCC, DigiFinex, Pionex, Blofin, Apex Pro, WEEX, BitMart, KCEX, BingX, P2B, Nonkyc.io and SUPEREX, plus Xgram and six operators listed only by Korean names (코인솔루션, 신밧드솔루션, 탭비트, 코인마이, 빅원, 유비트) [1].
What this means
- If you use one of these platforms from Korea, the regulator says you should withdraw your crypto and deposits straight away and not hand over private keys, login details or ID copies. DAXA will publish guidance on how to withdraw, with the operators’ cooperation [1].
- Only 28 platforms are registered with KoFIU, and their names are on KoFIU’s website. The regulator says any other business offering crypto trading in Korea is illegal [1].
- Recommending them could be risky too. The FSC warns that signing people up through referral links may count as helping an illegal business and could lead to criminal charges [1].
- Blocks may not be the end. KoFIU says it will ask for quick reviews of newly found platforms and mirror sites [1].
Sources
- Financial Services Commission / Korea Financial Intelligence Unit, press release “불법 가상자산 취급업자(특금법상 미신고 가상자산사업자) 인터넷 사이트 국내 접속이 차단됩니다” (“Domestic access to websites of illegal virtual asset operators will be blocked”) and PDF attachment (annex 1: 44 operators referred to investigators; annex 2: 27 sites blocked), 13 October 2026. https://www.fsc.go.kr/no010101/87916
