BREAKING: South Korea Blocks 27 Overseas Crypto Exchanges Including KuCoin and MEXC — Websites Cut Off for Korean Traders

South Korea has ordered domestic access to be cut off for 27 overseas crypto exchange websites. The Financial Intelligence Unit announced the move on October 13, saying the communications review authority approved the restrictions after meetings on October 6 and 7. The targets are platforms that serve Korean customers without completing local registration.

The blocked list includes well-known names such as KuCoin, MEXC and BingX, along with Phemex, XT.com, Bitrue, CoinW, Poloniex, BTCC and BitMart. Websites hosted overseas will be blocked inside South Korea, while any operation with domestic servers faces service termination. This extends earlier action that already limited downloads and updates of unregistered exchange apps through major app stores.

Regulators say the crackdown is about user safety and unfair costs. Unregistered platforms were found charging trading fees of about 1.5% to 10%, compared with around 0.16% on registered local exchanges — in some cases more than 60 times higher. Officials also warn these sites offer no investor protection against theft, fraud or data leaks. In total, 44 unregistered operators have been referred to investigators, and operating without registration can bring up to five years in prison or a fine of 50 million won.

For traders, this is a big shift in one of Asia's most active retail markets. Korean users on the blocked platforms will need to move their trading to registered local exchanges or withdraw their funds while access remains possible. Volume that used to flow through offshore venues may now move onshore, which could change liquidity and spreads for popular altcoins traded heavily in Korea.

The news lands on an already nervous market day, with the total crypto market value down about 2% to around $2.85 trillion and Bitcoin trading near $82,000. Traders will be watching whether the Korean restrictions add fresh selling pressure, or whether most users simply switch platforms with little effect on prices.

Read also: BREAKING: South Korea Gets Its First Bitcoin-Backed Bank Loans — Jeonbuk Bank Lets Companies Borrow Won Against BTC

This post is news only, not financial advice. Always do your own research before buying or selling crypto.

Sources: CryptoBriefing, Crypto.news, CoinStats