South Korea Blocks Access to 27 Unregistered Crypto Websites
- The Financial Intelligence Unit (FIU) has approved measures to block access to websites of unregistered crypto exchanges, including KuCoin and MEXC.
- A total of 27 websites are affected, including CoinW, BTCC, BitMart, and others that have not registered under South Korea’s anti-money laundering legislation.
- The decision follows reviews by the Korea Media and Communications Standards Commission on October 6 and 7.
- This action expands previous restrictions that blocked downloads for unregistered crypto apps on major platforms like Apple’s App Store and Google Play.
- The FIU will assist users with withdrawal guidance through the Digital Asset eXchange Alliance (DAXA).
This move aims to enhance regulatory compliance among virtual asset service providers targeting South Korean customers. The FIU assesses whether these platforms market to local users or support transactions in Korean won.
With this decision, South Korea continues its crackdown on illegal virtual asset operators by blocking access to significant platforms like MEXC, impacting user withdrawals significantly as authorities provide support through DAXA.
