South Korea will block access to 27 crypto websites operated by unregistered virtual asset businesses. The Korea Communications Standards Commission approved the restrictions on October 6 and 7 following a request from the Financial Intelligence Unit (FIU).
The move extends existing restrictions on mobile apps from Google and Apple to websites. Authorities aim to block illegal crypto services before users suffer financial losses.
The FIU said unregistered crypto business activities are illegal under the country’s financial reporting law, even if authorities have not yet confirmed user losses.
List of 27 Crypto Websites South Korea Plans to Block
The FIU requested access restrictions on websites operated by unregistered crypto businesses. The KCSC decided to block the following 27 operators that are currently active, including through service termination where applicable.
- KuCoin
- MEXC
- Phemex
- XT.com
- Bitrue
- CoinW
- ZoomEX
- Poloniex
- BTCC
- DigiFinex
- Pionex
- Blofin
- Apex Pro
- WEEX
- BitMart
- KCEX
- BingX
- P2B
- Nonkyc.io
- SUPEREX
- CoinSolution (코인솔루션)
- Sinbad Solution (신밧드솔루션)
- Xgram
- TapBit (탭비트)
- CoinMy (코인마이)
- BigOne (빅원)
- UBit (유비트)
South Korea Requires Crypto Platforms to Register
Crypto businesses must meet requirements, including Information Security Management System (ISMS) certification, and register with the FIU to operate legally in South Korea.
The rules also apply to foreign platforms that target South Korean residents. Authorities consider whether a platform offers a Korean-language website, runs marketing campaigns for local customers, or supports payments in Korean won.
Operating an unregistered crypto business can lead to up to five years in prison or a fine of up to 50 million won.
The FIU warned that unregistered platforms may expose users to hacking, personal information leaks, money laundering, and investment fraud. Users could also lose money if a platform accepts payment without providing the promised crypto assets.
Illegal Crypto Platforms Charge Higher Fees
A joint investigation by the Digital Asset exchange Alliance (DAXA) in June 2026 found that transaction fees at detected illegal platforms ranged from 1.5% to 10%.
The fees were as much as 62 times the average fee of 0.16% charged by South Korea’s five largest domestic won-based crypto exchanges.
Authorities also warned that users may face excessive fees without proper notice and have difficulty recovering their money.
FIU Has Referred 44 Illegal Crypto Businesses to Investigators
South Korea has taken several steps against unregistered crypto operators, including restricting transactions, notifying investigative agencies, and requesting website and app blocks.
The FIU has referred 44 illegal companies to investigative agencies. Authorities have also introduced measures to prevent credit card purchases and payments involving unregistered providers.
The FIU said the latest decision would allow authorities to act sooner. It stated that the aim is “to prevent money laundering and protect users” by working with relevant agencies and identifying illegal operators.
South Korea to Help Existing Users Withdraw Funds
The website restrictions may cause problems for existing users who need to withdraw their funds. The FIU plans to work with DAXA and the operators to provide information about withdrawal methods and procedures.
Authorities will also monitor alternative websites that operators may create to bypass the restrictions. The FIU plans to request further reviews and blocks when new sites are identified.
The measures extend South Korea’s restrictions on unregistered crypto businesses from mobile apps to websites, allowing authorities to limit access before confirmed user losses occur.
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