# Cryptocurrency regulatory developments in South Korea and SL > Live situation record from CLSTR: https://clstr.news/situations/cryptocurrency-regulatory-developments-in-south-korea-and-sl > Updated: 2026-10-13T01:22:07.000Z. Sources: 12. Developments: 2. South Korean financial authorities have finalized orders to block domestic internet access to 27 cryptocurrency websites operated by unregistered virtual asset service providers. This crackdown, orchestrated by the Financial Intelligence Unit (FIU) and the Korea Media and Communications Standards Commission, targets global exchanges including KuCoin, MEXC, Phemex, Bitrue, CoinW, BTCC, BitMart, BingX, and DigiFinex. The measures expand upon previous restrictions that removed these platforms’ mobile applications from major app stores. Regulators are specifically targeting entities that serve South Korean residents through Korean-language interfaces, marketing, or won-settled payments without securing mandatory local registration and Information Security Management System (ISMS) certification. A joint investigation by the Digital Asset Exchange Alliance (DAXA) highlighted significant fee discrepancies, noting that some unregistered platforms charged transaction fees as high as 10%, compared to a 0.16% average at the 28 officially registered domestic exchanges. The FIU has warned users to withdraw assets from these platforms and cautioned against sharing private keys or identification documents, stating that authorities will monitor for alternative domains used to bypass blocks. Unregistered entities remain subject to criminal penalties, including fines of up to 50 million won or prison sentences of up to five years. Separately, Sri Lanka continues to develop a formal framework for virtual assets. This initiative aims to implement licensing requirements, customer due diligence, and suspicious transaction reporting to prepare for evaluations by international watchdogs like the Financial Action Task Force (FATF). ## Timeline ### 2026-10-13: South Korea blocks 27 unregistered crypto exchanges including KuCoin and MEXC South Korea is blocking domestic access to 27 unregistered cryptocurrency exchanges, including KuCoin and MEXC, to enforce local registration laws and protect users from unregulated platforms. 5 sources. https://clstr.news/cluster/south-korea-blocks-access-to-27-unregistered-crypto-exchanges ### 2026-10-12: South Korea and Sri Lanka implement new cryptocurrency regulations South Korea is blocking 27 unregistered crypto websites to enforce anti-money-laundering laws, while Sri Lanka develops a regulatory framework to meet international financial compliance standards. 7 sources. https://clstr.news/cluster/south-korea-and-sri-lanka-implement-new-cryptocurrency-regulations --- Cite as: Cryptocurrency regulatory developments in South Korea and SL. CLSTR, https://clstr.news/situations/cryptocurrency-regulatory-developments-in-south-korea-and-sl