South Korea cuts off the websites of KuCoin, MEXC and 25 other unregistered crypto exchanges, and urges users to pull their assets out

South Korea is closing the web door on offshore crypto exchanges that serve its citizens without registering. The Financial Intelligence Unit, part of the Financial Services Commission, said on Tuesday that access from Korea to the websites of 27 unregistered platforms will be blocked. KuCoin, MEXC, Phemex, BitMart, BingX, BTCC and Poloniex are among those named in reports by CoinDesk and Blockhead. The Korea Communications Standards Commission approved the blocks after reviews on October 6 and 7.

The move closes a gap. In 2025, at the unit's request, Google and Apple restricted the exchanges' mobile apps, but existing users and anyone with a browser could still get in, Blockhead reported. BTCC kept operating through workarounds after its app was blocked, according to Seoul Economic Daily. Now sites run from overseas will be blocked for users in Korea, and any hosted inside the country shut down.

Under Korean law, a crypto business serving Korean users must obtain information security certification and register with the unit. Only 28 have done so. The unit has referred 44 unregistered operators to investigators and said it will seek new blocks against sites that return under different addresses.

Regulators urged customers of unregistered platforms to withdraw their assets, and said they will work with DAXA, the alliance of Korea's registered exchanges, to help anyone who has trouble getting funds out. KuCoin told CoinDesk: "User assets remain safe and secure."

The unit did not say how long the blocks will last or set a deadline for the exchanges to register, CoinDesk reported.