Platforms · Software · Providers · Markets
On 13 October 2026, South Korea's Financial Intelligence Unit (FIU) ordered access restrictions for websites run by 27 overseas crypto exchanges without registration. KuCoin, MEXC, Phemex, BingX and BitMart are among them. An embedded post also identifies Poloniex and BTCC.
The communications review body approved the action after examining the sites on October 6 and 7. The measure extends controls from mobile apps to websites. The FIU warned that users could have trouble accessing funds or making withdrawals.
Authorities consider Korean-language sites, marketing aimed at South Korean users and support for payments in won when assessing whether an exchange operates locally. The FIU expects to request blocks after finding unregistered activity, subject to approval by the communications review body.
Officials may target replacement addresses, and do not have to wait for a court ruling or confirmed user losses. Operators could face up to five years' imprisonment or a fine of up to 50 million won, approximately $37,000.
Enforcement predates the website action. The FIU had already sought restrictions in August 2022, when it raised alleged breaches of local rules involving 16 platforms, among them KuCoin and MEXC. Google Play restricted 17 unregistered platforms in March 2025 after an FIU request to limit new installations and updates.
In November 2025, authorities outlined further measures for high-risk offshore exchanges as part of an anti-money-laundering overhaul, including transaction reporting for transfers under 1 million won. The latest action was first reported by Finance Magnates.
| Measure | Figure |
|---|---|
| Websites subject to restrictions | 27 |
| Platforms in the August 2022 action | 16 |
| Google Play restrictions in March 2025 | 17 |
| Reviews by the communications body | October 6 and 7 |
| Transaction reporting threshold | Under 1 million won |
| Maximum prison term | Up to five years' imprisonment |
| Maximum fine | Up to 50 million won |
| Approximate value of the fine | Approximately $37,000 |
The integration question
The stated measure targets website access; the report does not say that accounts or underlying assets are frozen. The FIU's warning does point to a possible interruption for users trying to reach balances or withdraw funds. Operators should establish which web addresses are covered and whether other customer access routes remain available.
Teams should ask counterparties how restrictions will be communicated, whether website controls overlap with app restrictions, and what processes apply to pending withdrawals. The report gives no full roster of the 27 sites, technical blocking method or implementation timetable. Those details will determine the work required for access controls, client support and reconciliation.
Operations teams can also check whether their monitoring and customer communications distinguish a blocked website from a failed withdrawal or unavailable account. The report does not specify how authorities will notify platforms, payment providers or users, so teams should clarify what evidence they need to handle access complaints and reconcile withdrawal requests. Firms serving South Korean users should also ask whether the planned reporting change for transfers under 1 million won affects their reporting workflows.
