Domestic access blocked to 27 websites of unreported illegal virtual-asset dealers — websites now blocked after apps
Source material is a Korean government announcement (in Korean).
At the request of the financial authorities, domestic access to 27 websites of illegal virtual-asset dealers that had not reported to the authorities has been blocked (announced October 13).
Key facts
| Blocked | 27 operating websites of unreported virtual asset service providers |
|---|---|
| Decision | Two reviews by the Korea Communications Standards Commission on October 6–7 |
| App blocking | New domestic installations and updates of unreported providers' apps blocked on the Google and Apple app markets |
| Penalties | Unreported operation is subject to criminal punishment; overseas providers serving Korean nationals also face up to 5 years in prison or a fine of up to 50 million won |
| Existing users | Withdrawal methods and procedures guided and supported through DAXA |
Last checked:
The Financial Services Commission's Korea Financial Intelligence Unit (FIU) said on the 13th that the Korea Communications Standards Commission decided, after two reviews on October 6–7, to block domestic access to 27 currently operating websites of unreported virtual asset service providers whose blocking the FIU had requested. Following the blocking of new domestic installations and updates of unreported providers' apps on the Google and Apple app markets, their websites are now also blocked. To operate lawfully as a virtual asset service provider in Korea, a business must meet requirements such as ISMS (information security management system) certification and report to the FIU; even overseas providers serving Korean nationals are subject to the Act on Reporting and Using Specified Financial Transaction Information (특금법), with up to 5 years in prison or a fine of up to 50 million won. Existing users will be guided and supported on withdrawal methods and procedures through DAXA.
Summaries below are factual notes based on government announcements and primary sources — not evaluations or opinions.
FAQ
What are the risks of using an unreported virtual asset provider?
They are not regulated or supervised under the relevant laws, so anti-money-laundering and user-asset protection safeguards are lacking; users may face personal data leaks or hacking, or investment fraud losses such as receiving payment without delivering virtual assets, and such losses are hard to recover.
What if I still have assets on a blocked site?
For inconveniences such as withdrawal restrictions for existing users caused by the blocking, detailed guidance and support on withdrawal methods and procedures will be provided through DAXA.