South Korea Aims to Block Access to Unregistered Overseas Crypto Exchanges

South Korean regulators are preparing to block access to unregistered overseas cryptocurrency exchanges. The proposed framework focuses on platforms linked to financial crimes such as fraud, money laundering, and tax evasion.

The plan would use evidence from police reports and confirmed criminal cases to approve website restrictions. Regulators want to target exchanges that have been proven to cause harm to users.

However, the Korea Communications Standards Commission has raised concerns about blocking platforms solely for lacking registration. The commission suggests using rules similar to those applied to scam websites.

The proposed system aims to connect blocking decisions to verified illegal activity, rather than just registration status. Regulators are working with police and other enforcement agencies to ensure the final rules address platforms that continue serving Korean users through other methods.