South Korea blocks 27 crypto exchanges, including Bitmart and Kucoin
In this news:
Key takeaways
- South Korea has blocked 27 unregistered crypto exchanges including Bitmart and Kucoin.
- The Financial Intelligence Unit referred 44 unregistered operators to investigators.
- Traders using unauthorized platforms have been warned about potential difficulties recovering funds.
“User assets remain safe and secure, and we will communicate any further updates through our official channels.”
BitMart, Phemex and MEXC did not immediately respond to a CoinDesk request for comment.
Regulatory framework and new rules
South Korea's proposed Digital Asset Basic Law, yet to come into force, would set the groundwork for a legal framework for digital assets, including issuance, trading, custody and supervision. The country’s Financial Services Commission and Financial Supervisory service announced new rules in April, removing the discretion exchanges had to let users bypass holding periods.
The FIU said it has referred 44 unregistered operators to investigators and will seek further blocks against websites that reopen under different addresses. Only 28 virtual asset service providers are currently registered with the regulator.
Investor warnings and fund withdrawals
The financial watchdog also warned that traders using unauthorized platforms could face difficulties recovering their funds. The FIU said it will work with the Digital Asset eXchange Alliance, an industry association, to help affected customers withdraw their funds where access restrictions create problems. It also urged investors to check whether their exchange is registered and to withdraw assets from unauthorized operators.
South Korean investors have been gradually moving large amounts of crypto overseas for months due to stricter rules, with an estimated $110 billion leaving domestic exchanges in 2025.
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