South Korea Set to Sanction BitMEX, KuCoin, and More: Report
The Financial Intelligence Service (FIU) has identified several exchanges that are not registered as targets for sanctions
Author: Jamie Crowley | Edited by: Stephen Alpher Updated: 21 March 2025, 16:48 UTC Published: 21 March 2025, 16:40 UTC
What is important to know:
- According to Hankyung, South Korean financial regulators intend to impose sanctions against crypto exchanges operating illegally in the country.
- Exchanges such as BitMEX, KuCoin, CoinW, Bitunix and KCEX were found to be operating Korean language websites without reporting to the FIU.
South Korean financial regulators are planning to impose sanctions on cryptocurrency exchanges operating illegally in the country, business newspaper Hankyung reported on Friday.
According to the report, the Financial Intelligence Unit (FIU) has singled out a number of exchanges that are not registered as virtual asset service providers (VASPs) for inclusion in the sanctions list.
The exchanges hit — BitMEX, KuCoin, CoinW, Bitunix, and KCEX — were found to be operating Korean-language websites without reporting to the FIU, which is why they are classified as illegal under the country’s laws.
“We are currently considering restricting access to unlisted overseas exchanges that provide services to local investors through consultations with the Korea Communications Standards Commission,” a PFR official said, according to the report.
“We are collecting data on incidents of damage and related facts to improve cooperation between authorities and expect tangible measures to be taken within this year.”
BitMEX, KuCoin and CoinW did not respond to CoinDesk's request for comment.
Last month, South Korean crypto exchange Upbit was banned from accepting new customers for three months for failing to meet its obligations as a regulated provider.
Read more: South Korean prosecutors raid crypto exchange Bithumb over embezzlement allegations: report
