South Korean financial regulators have decided to expand restrictions on unregistered cryptocurrency platforms by blocking access to 27 websites, local media reported, citing the country’s Financial Intelligence Unit. The action targets platforms that regulators said served Korean users without registration and could prevent users in South Korea from accessing their websites or services.

The Korea Communications Standards Commission decided to block access to the websites or suspend their services, according to the report. Platforms using servers in South Korea will be required to suspend services, while those with servers abroad will face access blocks within the country.

The list includes KuCoin, MEXC, Phemex, XT.com, Bitrue, CoinW, Poloniex, BTCC, BingX and BitMart, along with other operators.

Regulators have also changed their enforcement approach. Establishing that a platform operated without registration is now sufficient to impose a block, and authorities will no longer wait for confirmation of user losses or the completion of an investigation, according to the notice.

FIU provides data on 44 operators to law enforcement

Companies seeking to operate legally with virtual assets in South Korea must obtain Information Security Management System certification and file the required report with the FIU.

The requirements also apply to foreign platforms that target the Korean market. Indicators include offering a Korean-language website, marketing to local users or supporting settlements in Korean won.

Operating without registration carries a penalty of up to five years in prison or a fine of up to 50 million won.

The FIU has provided law enforcement agencies with information on 44 unregistered operators. It also ordered registered exchanges to restrict cryptocurrency transfers to addresses linked to those companies, while credit-card purchases of digital assets from unregistered operators have been blocked.

A joint industry investigation conducted in June found that the average trading fees charged by the identified operators ranged from 1.5% to 10%. Journalists noted that this was significantly higher than the 0.16% average fee charged by South Korea’s five largest exchanges offering won-denominated trading pairs.

In July 2026, South Korea was reported to be accelerating development of its blockchain sector and preparing legislation on digital assets.

Source: Incrypted