🚨Breaking: South Korea just blocked 27 exchange websites in one go!
In other words: if you still have assets on KuCoin or MEXC, go check on them now.
① The list is full of familiar names: KuCoin, MEXC, Phemex, Bitrue, BitMart, BingX, CoinW, BTCC, DigiFinex… 27 exchanges, not one left out—all entities that aren’t registered in South Korea but are still secretly serving Korean users.
② The action was taken by South Korea’s Financial Intelligence Unit (FIU), which made the decision after meetings on October 6–7: domestic servers will be shut down, and overseas websites will be blocked. This time, both the apps and websites are being taken down.
③ This isn’t the first time: back in April 2025, they removed 14 apps from Apple’s App Store and 17 from Google Play. This time, they’re plugging the gap on the website front.
④ The one considerate thing: the FIU itself acknowledged that withdrawals could run into snags, and said it would work with DAXA (the Korean exchange alliance) to provide users with withdrawal guidance—the money should be withdrawable, but it may take some effort.
Put simply: South Korea is following through on “no license, no business in Korea” to the letter. The stricter the compliance rules, the fewer chances shady platforms have to run off with users’ money. In the long run, that’s not necessarily a bad thing for the industry.
Do you still have any U on these exchanges? What was the first thing you did when you saw the news?
#韩国 #Regulation
(Source: Cointelegraph / South Korea Financial Services Commission FIU announcement)
For reference only; this is not investment advice.
In other words: if you still have assets on KuCoin or MEXC, go check on them now.
① The list is full of familiar names: KuCoin, MEXC, Phemex, Bitrue, BitMart, BingX, CoinW, BTCC, DigiFinex… 27 exchanges, not one left out—all entities that aren’t registered in South Korea but are still secretly serving Korean users.
② The action was taken by South Korea’s Financial Intelligence Unit (FIU), which made the decision after meetings on October 6–7: domestic servers will be shut down, and overseas websites will be blocked. This time, both the apps and websites are being taken down.
③ This isn’t the first time: back in April 2025, they removed 14 apps from Apple’s App Store and 17 from Google Play. This time, they’re plugging the gap on the website front.
④ The one considerate thing: the FIU itself acknowledged that withdrawals could run into snags, and said it would work with DAXA (the Korean exchange alliance) to provide users with withdrawal guidance—the money should be withdrawable, but it may take some effort.
Put simply: South Korea is following through on “no license, no business in Korea” to the letter. The stricter the compliance rules, the fewer chances shady platforms have to run off with users’ money. In the long run, that’s not necessarily a bad thing for the industry.
Do you still have any U on these exchanges? What was the first thing you did when you saw the news?
#韩国 #Regulation
(Source: Cointelegraph / South Korea Financial Services Commission FIU announcement)
For reference only; this is not investment advice.