South Korea to Block 27 Crypto Websites, Including KuCoin and MEXC
South Korean authorities are set to cut access to 27 foreign crypto platforms. KuCoin and MEXC, two of the largest exchanges by trading volume, are on the list.
Why the block
According to the country's financial intelligence unit, the platforms operate in Korea without registration. The Act on Specialized Financial Transactions requires any service handling Korean users' won-denominated activity to hold a license. None of the listed platforms has one.
What it means for the market
- Internet providers will block the sites within weeks.
- Users are advised to withdraw their assets on their own.
- Reviews are ongoing, so the list could grow.
A site block doesn't freeze funds on balances, but it does make trading harder for retail customers.
Context
Korea has been tightening its grip on crypto step by step. Regulators previously required local exchanges to insure user assets and keep them in cold wallets. Now offshore platforms that ignore local rules are in the crosshairs.
KuCoin and MEXC haven't commented publicly yet. Observers point out the country has taken similar action against unregistered services before.
