South Korea blocks 14 crypto exchanges—What’s behind the crackdown?
South Korea plans more crackdown on non-compliant crypto exchange sites and applications.
- Apple blocked KuCoin, MEXC, and other crypto exchanges at the request of South Korea.
- Last month, the country banned 17 crypto sites through Google.
South Korea has blocked 14 crypto exchanges, including KuCoin and MEXC, for operating in the country without relevant reporting to authorities.
In a statement on 14th April, the South Korean regulator, the Financial Intelligence Unit (FIU), stated,
“Apple Inc. has blocked domestic access to 14 apps from unreported foreign virtual asset operators registered in the Apple App Store since April 11 at the request of the FIU.”
More crackdown on crypto exchanges
According to the regulator, unreported domestic activities could attract a $35K fine and an internet and app access ban.
Last month, South Korea requested Google to block 17 apps. The agency added that it will censor more sites to prevent ‘money laundering risks’ and ‘user damage.’
“FIU will continue to block domestic access through mobile applications (apps) and Internet sites of overseas unreported virtual asset operators to prevent money laundering risks and user damage, in consultation with relevant organizations.”
Other blocked crypto exchange sites and apps include Blofin, Coins, Bitglobal, and BitMart.
That said, South Korea has hinted at potential regulatory clarity and legislation in Q3 2025 to drive institutional crypto investments in the country. In fact, some top regulators even urged the adoption of Bitcoin ETFs should Japan greenlight the products.
If confirmed and adopted, the country could position itself for global crypto investments and compete with top hubs in the region like Singapore and Hong Kong.
