South Korea Intensifies Measures Against 17 Cryptocurrency Exchanges
Regulators in South Korea have urged Google to restrict access to 17 digital currency exchanges. Included in the list of impacted exchanges are Kucoin, MEXC, Phemex, Coinex, Poloniex, and others.
“The Financial Intelligence Unit (FIU) has recognized unreported foreign businesses (16 companies in 2022, 6 companies in 2023) and is advising reporting entities to avoid engaging with these unreported businesses (Article 10-20 of the Act),” stated the FIU of South Korea.
The update indicates that users in South Korea are prohibited from downloading these applications, and current users will not receive any updates.
South Korea asks Google to prevent access to 17 unregistered crypto exchanges.
Included platforms are Kucoin, Mexc, Phemex, Coinex, Poloniex, and more. Users can no longer download or update apps from these exchanges within South Korea. pic.twitter.com/5zMk8wwQOs
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Recently, the FIU took enforcement measures against several digital currency exchanges, including KuCoin and BitMex, for operating within the nation without the required registration as a Virtual Asset Services Provider (VASPs) in line with South Korea’s Specific Financial Information Act.
Local media reports dated March 21, 2025, reveal that South Korean authorities are contemplating sanctions that could involve blocking access to all crypto exchanges that lack VASP registration, collaborating with the Korea Communication Standards Commission (KCSC).
Other exchanges under scrutiny for breaching South Korean anti-money laundering (AML) and financial laws include CoinW, Bitunix, and KCEX. All exchanges mentioned are accused of operating without the requisite approvals and failing to comply with national regulations by providing marketing and customer base level to South Korean investors.
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Meanwhile, Crypto Experience Over 50% Growth in South Korea
According to the latest local media reports, the figure of local investors owning virtual currencies like Bitcoin surged by more than 50% last year compared to the previous year, surpassing 9.6 million.
Notably, one in four virtual currency investors is aged over 50. Among the “high net worth investors” with holdings over 1 billion won in virtual currencies, one in two belongs to the over 50 age group.
“Based on data obtained by Ahn Do-jae, a member of the Democratic Party of Korea, from five local virtual currency exchanges—including Upbit, Bithumb, Coinone, Korbit, and Gopax—on the 21st, the number of investors with trading accounts on these platforms at the end of last year (Korbit as of September) was 9,667,023,” the report stated. “This marks a 52.6% increase compared to last year. The total value of virtual currencies owned by these individuals was 105.0107 trillion won, exceeding the 100 trillion won mark.”
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Key Takeaways
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South Korean regulatory authorities have requested Google to block access to 17 digital currency exchanges.
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Exchanges impacted include Kucoin, MEXC, Phemex, Coinex, Poloniex, and others.
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Meanwhile, the number of South Korean domestic investors owning virtual currencies such as Bitcoin rose by more than 50% last year, exceeding 9.6 million.
The article South Korea Cracks Down On 17 Crypto Exchanges first appeared on 99Bitcoins.
