South Korea Blocks 14 Foreign Crypto Exchanges
Key Takeaways
South Korea has blocked access to 14 foreign crypto exchanges, including well-known names like KuCoin and MEXC. The reason is that these providers were operating in the country without official registration. This measure is part of a broader crackdown on unregistered crypto platforms, which also targets app stores and websites. The goal is to prevent money laundering and protect users. Additional blocks have been announced. At the same time, a potential regulation is expected in Q3 2025 that could facilitate institutional investments.
Background on the Block
South Korea’s financial watchdog FIU (Financial Intelligence Unit) has requested Apple to remove 14 crypto apps from the App Store for users in South Korea. This request has been complied with since April 11, 2025. The previous month, the FIU had already asked Google to block 17 similar apps.
Affected platforms include:
- KuCoin
- MEXC
- Blofin
- Coins
- Bitglobal
- BitMart
According to the FIU, these platforms failed to submit the legally required notification of their activities in South Korea. The law provides for fines of up to USD 35,000 and the blocking of internet and app access in case of violations.
Government Objectives
The government aims to achieve two main goals with these measures:
- Preventing money laundering through unregistered platforms
- Protecting users from potential harm caused by unregulated providers
The FIU announced that it will continue to block websites and apps that operate in South Korea without authorization. It is working in cooperation with other authorities.
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Regulation in Preparation
Despite the current blocks, South Korea plans to improve the legal framework for crypto investments. A legislative package is being prepared for the third quarter of 2025 to provide more clarity for institutional investors.
Some regulatory bodies have also suggested the introduction of Bitcoin ETFs (Exchange Traded Funds) — provided Japan approves similar products. If that happens, South Korea could become a key location for crypto investments in Asia, competing with countries like Singapore and Hong Kong.
Our Assessment
South Korea is taking a firm stance: only those who follow the rules may offer crypto services in the country. For you as a user, this means more security but also limitations in the selection of international providers. The planned regulation from Q3 2025 could open new opportunities — especially if Bitcoin ETFs are approved. Keep a close eye on developments if you live in South Korea or plan to trade there. The legal landscape is changing rapidly.
Sources
- FIU (Financial Intelligence Unit) South Korea
- Apple Inc.
- Google LLC
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