Overview
- The Financial Intelligence Unit asked the communications review authority to restrict domestic access and the authority approved blocks on 27 overseas exchange websites on October 13, 2026.
- The action targets major unregistered platforms including KuCoin, MEXC, Phemex, XT.com, Bitrue, CoinW, Poloniex, BTCC, BingX and BitMart, and regulators have referred a total of 44 unregistered operators to investigative agencies.
- The website blocks extend a layered crackdown that began with limits on credit-card payments in May 2024 and moved to app-store distribution and domestic transfer restrictions earlier this year.
- Operating without FIU registration can bring up to five years in prison or fines up to 50 million won, and licensed South Korean firms face administrative fines up to 100 million won per violation for facilitating transfers to blocked platforms.
- Authorities warned users to check registration, said they will coordinate withdrawal guidance for affected customers, and will monitor replacement domains which could push traders toward the small pool of registered domestic exchanges.