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South Korea Cracks Down On 17 Crypto Exchanges

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South Korean organizers asked Google to prevent access to 17 encryption exchanges. The affected exchanges include Kucoin, Mexc, PhenEx, Coinex, Poloneix and more.

“The Financial Intelligence Unit (FIU) has identified the non-reported companies abroad (16 companies in 2022, 6 companies in 2023) and provide instructions to provide reporting companies to refrain from doing business with non-reported companies (Article 10-20 of Law), FIU announced in South Korea.

The statement, which reveals encryption users in South Korea, is prevented from downloading these applications, and current users will not receive updates.

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A few days ago, FIU started enforcement procedures against many cryptocurrency exchanges, including Kucoin and Bitmex, to work in the country without registration as a provider of virtual asset services (VASPS) under South Korea’s financial information law.

According to local media reports published on March 21, 2025, the South Korean authorities are considering sanctions such as preventing access to all unregistered encryption exchanges such as VASPS, in cooperation with the Korean Communications Standards Committee (KCSC).

Other encryption exchanges accused of South Korea’s violation of Money Laundering (AML), COINW, Bitunix and KCEX financial regulations. The authorities accused all the exchanges listed here of operation without necessary approvals and adhering to compliance with the country by providing marketing and supporting customers to South Korean investors.

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Meanwhile, Crypto sees more than 50 % in South Korea

According to recent local media reports, the number of local investors who own virtual currencies such as Bitcoin has increased by more than 50 % last year ago, as it exceeds 9.6 million.

Interestingly, one in four investors of virtual currencies is more than 50 years old. Among the “adult investors” who own more than a billion o’clock in virtual currencies, is one in the age of more than 50 years.

“According to the data received by AHN DO-Jae, a member of the Democratic Party in Korea, from five local virtual currency exchanges, including Upbit, Bithumb, Coinone, Korbit and GoPax, on the twenty-first, there was 9,667,023 investors who had accounts trading in these exchanges at the end of last year (Corbett as if from the end of September). The amount of virtual currencies owned by these people reached 105,0107 trillion Won, exceeding 100 trillion. “

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Main meals

  • Southern Korean organizers asked Google to prevent access to 17 encryption exchanges.

  • The affected exchanges include Kucoin, Mexc, PhenEx, Coinex, Poloneix and more.

  • Meanwhile, the number of local investors who own virtual currencies such as Bitcoin in South Korea has increased by more than 50 % last year, as it exceeds 9.6 million.

Beyond South Korea appeared in 17 encryption exchanges first appeared on 99bitcoins.

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