South Korea’s Financial Intelligence Unit (FIU) ordered a domestic access ban on 27 websites operated by unregistered overseas crypto platforms, including KuCoin, MEXC, Phemex, BingX and BitMart. Authorities determined these platforms were operating locally in South Korea based on criteria including Korean-language websites, marketing aimed at Korean users and support for payments in won. Operating without registration carries penalties of up to five years imprisonment or a fine of 50 million won. Fees charged by these unregistered platforms ranged from 1.5% to 10%, up to 62 times the 0.16% average charged by South Korea’s five largest won-based exchanges. Korean investors reportedly paid $3.5 billion in fees to foreign exchanges in 2025, with approximately 700 trillion won transferred from Korea to offshore platforms between 2021 and 2026.
Source: Read the original article
