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- South Korea’s restriction halts access to foreign crypto platforms like KuCoin and MEXC.
- The FSS aims to safeguard users from unregulated services.
- Legal frameworks target foreign crypto providers that don’t comply with local regulations.
South Korea restriction measures have recently targeted 17 foreign crypto service providers, including major platforms like KuCoin and MEXC. The Financial Supervisory Service (FSS) has taken steps to restrict access to their services within the country. This move aims to safeguard local users and the domestic market from potential risks associated with unregulated crypto operations.
South Korea FSS’s Decision Revealed
On March 25, 2025, the FSS enforced a ban on 17 foreign crypto asset service providers, effectively limiting their access to South Korean users. The restriction specifically prevents these companies from offering their apps and services in the country. As a result, South Korean users can no longer install these apps or receive updates from them.
The decision came in response to concerns about the safety of South Korean users engaging with these foreign platforms. The FSS has urged individuals involved with these providers to check the status of their services through the Financial Information Unit (FIU) website. This tool helps users verify whether the platforms they interact with operate legally within the country.
Legal Framework Behind the Restrictions
The legal foundation for these restrictions comes from the “Report and Use of Financial Transaction Information” law. This law mandates crypto service providers to report any suspicious activity or transactions to the FIU. Providers who fail to register with the FIU or comply with South Korea’s regulations can be subject to such restrictions.
The FSS has outlined clear criteria for applying domestic access restrictions. These include situations where a provider’s website is not hosted within South Korea, the majority of their customers are foreign, or they do not support the Korean language or currency.
Among the affected providers, KuCoin and MEXC, two of the most prominent foreign exchanges, will no longer be accessible to South Korean users. This measure is expected to reduce the potential for scams or financial risks linked to unregulated crypto services. The FSS continues to work alongside other authorities like the Korea Communications Commission (KCC) to monitor these foreign platforms.
