South Korea Blocks 14 Crypto Exchanges, Including KuCoin, MEXC

South Korea has taken a significant step in regulating its cryptocurrency market by blocking 14 crypto exchanges, including prominent platforms like KuCoin and MEXC. The Financial Intelligence Unit (FIU) of South Korea announced on April 14 that Apple Inc. had complied with their request to block these exchanges from the Apple App Store, citing the lack of proper reporting to authorities.

This move is part of a broader crackdown on unregistered crypto exchanges operating within the country. The FIU stated that these exchanges were operating without the necessary reporting, which could result in fines of up to $35,000 and a ban on internet and app access. The regulator emphasized that such actions are necessary to prevent money laundering risks and protect users from potential harm.

This is not the first time South Korea has taken such measures. Last month, the country requested Google to block 17 crypto apps, further tightening its grip on the unregulated crypto market. The FIU has indicated that more sites will be censored in the future to ensure compliance with regulatory standards.

Other crypto exchanges and apps that have been blocked include Blofin, Coins, Bitglobal, and BitMart. The FIU's actions underscore the government's commitment to enforcing stricter regulations on the crypto industry.

Despite the crackdown, South Korea has hinted at potential regulatory clarity and legislation in the third quarter of 2025. This could pave the way for institutional crypto investments in the country. Some top regulators have even suggested the adoption of Bitcoin ETFs, should Japan approve similar products. If these measures are confirmed and adopted, South Korea could position itself as a major player in the global crypto investment landscape, competing with other regional hubs.