South Korea orders access blocks for 27 crypto sites

South Korea’s Financial Intelligence Unit said on Oct. 13 that regulators had approved domestic access restrictions for 27 unregistered crypto service websites, including KuCoin and BitMart, extending the crackdown from mobile apps to websites. The FIU said the review commission considered the sites on Oct. 6 and 7, according to its Oct. 13 notice.

Which platforms are covered by the decision?

The list includes KuCoin, MEXC, Phemex, BitMart, BingX, Poloniex and 21 other operators, according to The Asia Business Daily’s report on the FIU announcement. The FIU described the 27 as currently operating sites of virtual asset service providers that had not filed the required reports under South Korea’s financial transaction law.

The decision covers websites, following earlier restrictions on new downloads and updates of unregistered operators’ apps through Google Play and Apple’s App Store, the FIU said.

How will South Korea restrict access?

Sites operated from overseas face domestic access blocks; sites with servers or operators in South Korea face service termination, the FIU said. The measure concerns access from South Korea and does not itself announce a global shutdown of the platforms.

Why did regulators move from apps to websites?

The FIU said unreported crypto business is illegal under South Korean law and that blocking exposure before users report losses can help prevent harm. It said it plans to request website reviews and blocks when it detects unregistered activity, without waiting for a separate user damage report.

The FIU also warned that users of unregistered platforms may have difficulty recovering funds, according to the notice. The action closes a website access route after app restrictions, as CoinDesk reported in its coverage of the website blocks.

Sources

• Oct. 13 notice — fsc.go.kr
• The Asia Business Daily’s report on the FIU announcement — view.asiae.co.kr
• coverage of the website blocks — coindesk.com