South Korea Cracks Down On 17 Crypto Exchanges

South Korea regulators have requested Google to dam entry to 17 crypto exchanges. Affected exchanges embrace Kucoin, MEXC, Phemex, Coinex, Poloneix and extra.

“The Financial Intelligence Unit ( FIU) has identified overseas unreported businesses ( 16 companies in 2022, 6 companies in 2023) and is providing guidance to reporting businesses to refrain from doing business with unreported businesses (Article 10-20 of the Act),” introduced South Korea’s FIU.

The assertion reveals South Korean crypto customers are barred from downloading these apps, and present customers won’t obtain updates.

South Korea requests Google to dam entry to 17 unregistered crypto exchanges.

Affected platforms embrace Kucoin, Mexc, Phemex, Coinex, Poloniex, and extra. Customers can not set up or replace apps from these exchanges in South Korea. pic.twitter.com/5zMk8wwQOs

— CryptoPotato Official (@Crypto_Potato) March 26, 2025

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A couple of days in the past, FIU initiated enforcement motion towards a number of cryptocurrency exchanges, together with KuCoin and BitMex, for working within the nation with out registering as a Digital Asset Providers Supplier (VASPs) below South Korea’s Particular Monetary Data Act.

In line with native media studies revealed on 21 March 2025, the South Korean authorities are contemplating sanctions corresponding to blocking entry to all crypto exchanges not registered as VASPs, in collaboration with the Korea Communication Requirements Fee (KCSC).

Different crypto exchanges accused of violating South Korean anti-money laundering (AML) and monetary rules embrace CoinW, Bitunix, and KCEX. Authorities have accused all exchanges listed right here of working with out needed approvals and adherence to the nation’s compliance processes by providing advertising and buyer help to South Korean buyers.

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In the meantime, Crypto Sees Over 50% Progress In South Korea

In line with latest native media studies, the variety of home buyers who personal digital currencies corresponding to Bitcoin elevated by greater than 50% final yr from a yr in the past, exceeding 9.6 million.

Curiously, one in 4 digital foreign money buyers is over 50 years outdated. Among the many “big investors” who personal greater than 1 billion gained in digital currencies, one in two is over 50 years outdated.

“According to data received by Ahn Do-jae, a member of the Democratic Party of Korea, from five domestic virtual currency exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, on the 21st, there were 9,667,023 investors who had trading accounts on these exchanges at the end of last year (Korbit as of the end of September),” the report mentioned. “Compared with a year ago, it increased by 52.6%. The amount of virtual currencies owned by these people was 105.0107 trillion won, exceeding 100 trillion won.”

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Key Takeaways

South Korean regulators have requested Google to dam entry to 17 crypto exchanges..

Affected exchanges embrace Kucoin, MEXC, Phemex, Coinex, Poloneix and extra.

In the meantime, the variety of home buyers who personal digital currencies corresponding to Bitcoin in South Korea elevated by greater than 50% final yr from a yr in the past, exceeding 9.6 million.