South Korea approves restrictions on 27 crypto websites

South Korea’s Financial Intelligence Unit said Tuesday that regulators approved domestic access restrictions covering 27 websites operated by unregistered cryptocurrency businesses, including KuCoin, MEXC, Phemex, BingX and BitMart. The measures extend enforcement from mobile applications to websites and could affect customers’ access to existing accounts and assets. The Korea Media and Communications Standards Commission approved the restrictions after reviews on October 6 and 7, according to the FIU. The unit said overseas-hosted websites may be blocked from domestic access, while services hosted or operated in South Korea may be terminated. The announcement did not specify when the restrictions would take effect. The FIU said it plans to coordinate withdrawal guidance for affected customers through the Digital Asset eXchange Alliance, or DAXA, and cooperating operators. It also acknowledged that restricting websites could make withdrawals more difficult. The reports did not provide detailed procedures or establish a general withdrawal deadline. South Korean rules require virtual asset businesses serving local customers to register with the FIU.