Since March 25, South Korea has restricted access to certain global crypto exchanges following a government request. The restriction affects 17 platforms, including KuCoin and Poloniex.
Exchange Restrictions
Under the new rules, users in South Korea cannot install or update apps for 17 crypto exchanges, including KuCoin, MEXC, Phemex, and Poloniex.
Reasons for the Ban
The South Korean government requires all virtual asset service providers to register with financial regulators to prevent money laundering and protect consumers. These 17 exchanges have not met registration requirements, leading to the block.
Impact on Users
The restrictions limit user access to popular international platforms and reduce trading options. Attempts to bypass the blocks, such as using VPNs, may violate local laws.
These measures highlight South Korea's efforts to tighten control over the crypto industry and remind users of the importance of complying with local laws in digital asset trading.
