South Korea Blocks KuCoin, MEXC Sites for Local Users
On October 13, 2026, South Korea's FIU said websites of 27 unregistered crypto operators, including KuCoin and MEXC, will be blocked for domestic users. The FIU says withdrawal guidance will come via DAXA; no exchange-specific process has been published yet.
South Korea’s Financial Intelligence Unit (FIU), part of the Financial Services Commission, said on October 13, 2026 that domestic access to 27 websites run by unregistered crypto operators will be cut off. The list includes KuCoin, MEXC, Phemex, XT.com, Bitrue, BingX and BitMart. The decision comes from the Korea Media and Communications Standards Commission, which reviewed the FIU’s requests on October 6 and 7, according to the FSC’s official press release.
Cointelegraph reported the same decision and later added a statement from a KuCoin spokesperson saying the company respects applicable laws across jurisdictions and that “user assets remain safe and secure.” We found no public statement from MEXC on the Korean block at the time of writing.
What the FIU announced
Per the FSC release, sites whose servers or operators are in Korea face service termination, while sites hosted overseas are blocked from domestic access. The FIU frames this as the next step after app stores: Google and Apple already block new installs and updates of these operators’ mobile apps at the FIU’s request. The regulator also said it will now seek website blocks as soon as illegal operation is detected, without waiting for court rulings or confirmed user losses, and will keep requesting blocks on replacement domains.
The legal basis is Korea’s Act on Reporting and Using Specified Financial Transaction Information. Under it, a crypto business must hold ISMS (information security management system) certification and register with the FIU. The FSC says operating without registration carries up to five years in prison or a fine of up to 50 million won, and that the law applies to offshore operators that target Korean residents.
The release states that 28 virtual asset service providers are currently registered with the FIU and that 44 unregistered operators have been referred to investigators so far. It also cites a June 2026 joint inspection by DAXA (the Digital Asset eXchange Alliance, the industry body of Korea’s registered exchanges) that found average trading fees of 1.5% to 10% at the operators caught, versus 0.16% at Korea’s five largest won exchanges.
Confirmed versus not yet clear
| Point | Status as of Oct 14, 2026 |
|---|---|
| 27 operator websites approved for blocking | Confirmed by FSC release |
| KuCoin and MEXC on the block list | Confirmed by FSC attachment and Cointelegraph |
| Reviews held Oct 6 and 7 | Confirmed by FSC release |
| Penalty of up to 5 years in prison or 50 million won | Confirmed by FSC release |
| 28 registered VASPs, 44 operators referred to investigators | Confirmed by FSC release |
| KuCoin statement on user assets | Reported by Cointelegraph |
| Exact date each site becomes unreachable | Not published |
| DAXA withdrawal procedures per exchange | Not published |
| MEXC public response | None found |
| Any action outside South Korea | None announced |
What this means for traders
If you are outside South Korea, nothing in the FIU release changes how you access these exchanges. The order is a domestic network block tied to Korean law, not a finding about any platform’s solvency or security.
For users in Korea, the practical risk is access, not ownership. The FIU itself acknowledged that blocking sites could make withdrawals harder for existing customers, and it told users of unregistered operators to withdraw their assets and deposits immediately. The release does not say how long already-installed apps or bookmarked sites will keep working, and registered Korean exchanges are already barred from transacting with unregistered operators, so moving funds straight to a won exchange may not be possible.
The FSC release also warns that signing up others through referral links can be treated as helping an unregistered business, which could expose the referrer to criminal liability. Anyone in Korea promoting these platforms should take that seriously.
If you hold funds on MEXC and want to know how withdrawals work step by step, our MEXC withdrawal guide covers networks, fees and common holds. For background on what a frozen or delayed withdrawal usually means, see MEXC withdrawal freezes explained.
Checks to do now
- Confirm your exchange’s status. The FIU publishes the list of registered providers on its website (kofiu.go.kr). Any exchange not on it is unregistered in Korea.
- Plan withdrawals while you still have access. Use a self-custody wallet you control as the destination, and send a small test transaction first on the correct network.
- Watch DAXA and FIU channels for the promised withdrawal guidance instead of relying on social media posts or third-party “unblocking” services.
- Avoid mirror domains. The FIU says it will chase replacement sites, and lookalike domains are a common phishing route. Do not enter login details, private keys or ID copies on an address you did not verify.
- Report suspected illegal activity to the police (112), the FIU (infiu@korea.kr) or DAXA (jebo@kdaxa.org), the contacts listed in the FSC release.
Bottom line
South Korea has moved its crackdown on unregistered offshore exchanges from app stores to websites, with KuCoin, MEXC and 25 other operators on the block list. The rules apply to Korean users only, but for them the window to withdraw through normal web access may be closing, and the official withdrawal procedures have not been published yet. We will update this article when DAXA or the FIU releases them.
This article is for informational purposes and is not investment or legal advice. Check the FSC and FIU sources directly before making decisions about your funds.
Frequently asked questions
Which exchanges are on South Korea's website block list?
The FIU's October 13 release lists 27 operators, including KuCoin, MEXC, Phemex, XT.com, Bitrue, CoinW, ZoomEX, Poloniex, BTCC, DigiFinex, Pionex, Blofin, Apex Pro, WEEX, BitMart, KCEX, BingX, P2B and Nonkyc.io, plus several Korean-named operators.
Why were these exchanges blocked?
According to the FIU, none of them is registered as a virtual asset service provider under Korea's Act on Reporting and Using Specified Financial Transaction Information. The FIU says offshore operators fall under that law when they target Korean users.
How does Korea decide an offshore exchange targets Korean users?
The FIU says it looks at whether a platform offers a Korean-language homepage, runs marketing or promotions aimed at Korean customers, and supports payment in Korean won, weighing those factors together.
Can Korean users still withdraw funds from MEXC or KuCoin?
The FIU acknowledged the blocks may make withdrawals harder and said it will publish withdrawal methods and procedures through DAXA with the operators' cooperation. As of October 14, no platform-specific process or deadline had been published.
Is this the first time Korea has restricted these exchanges?
No. The FIU says app stores already block new installs and updates of these operators' mobile apps at its request, and its attachment shows KuCoin and MEXC were among the operators referred to investigators in August 2022.
Does the block affect traders outside South Korea?
The order covers domestic access in South Korea only. The FIU release does not mention any action outside Korea, and none of the named exchanges has announced a change to services in other countries.