{"id":79454,"date":"2026-10-13T10:15:17","date_gmt":"2026-10-13T10:15:17","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-price-surges-past-83-5k-as-kucoin-and-mexc-go-dark-in-korea\/"},"modified":"2026-10-13T10:15:17","modified_gmt":"2026-10-13T10:15:17","slug":"bitcoin-price-surges-past-83-5k-as-kucoin-and-mexc-go-dark-in-korea","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-price-surges-past-83-5k-as-kucoin-and-mexc-go-dark-in-korea\/","title":{"rendered":"Bitcoin Price Surges Past $83.5K as Kucoin and MEXC Go Dark in Korea"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Korea\u2019s FIU says 27 unregistered exchange sites, including Kucoin and MEXC, will be blocked ASAP.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">The FIU has referred 44 unregistered operators to investigators, with up to 5 years in prison on the table.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">The move lands as the KOSPI falls more than 15% in 5 days and analysts warn of spillover into crypto.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>What Exactly Got Blocked?<\/h2>\n<p>Korea\u2019s Financial Intelligence Unit (FIU), the anti-money laundering arm of the Financial Services Commission, announced on Oct. 13 that the country\u2019s broadcasting and communications review body had <a href=\"https:\/\/www.etoday.co.kr\/news\/view\/2635026\" target=\"_blank\" rel=\"noopener noreferrer\">ordered access restrictions<\/a> on 27 unregistered overseas virtual asset exchange websites.<\/p>\n<p>The decision followed two review sessions on Oct. 6 and 7 and included names such as KuCoin, MEXC, Phemex, XT.com, Bitrue, CoinW, Poloniex, BTCC, BingX and Bitmart.<\/p>\n<p>Moreover, sites running on domestic servers face service termination as well, while those hosted abroad will be blocked at the network level for Korean users.<\/p>\n<h2>Why Websites, and Why Now?<\/h2>\n<p>This is the second step of a two-stage squeeze, as at the FIU\u2019s behest, Google and Apple had already <a href=\"https:\/\/www.etoday.co.kr\/news\/view\/2635026\" target=\"_blank\" rel=\"noopener noreferrer\">restricted new installs<\/a> and updates of these exchanges\u2019 apps in Korea. Users who still had the apps, or who simply opened a browser, kept trading. The web block now completely shuts down that gap.<\/p>\n<p>The FIU said it does not need to wait for evidence of specific user harm, because operating without registration \u201cis itself illegal\u201d under the Specified Financial Transaction Information Act.<\/p>\n<p>The penalties go well past a blocked URL:<\/p>\n<ul>\n<li style=\"font-weight:400\" aria-level=\"1\"><b>Criminal exposure:<\/b> Unregistered operation carries up to five years in prison or a fine of up to 50 million won.<\/li>\n<li style=\"font-weight:400\" aria-level=\"1\"><b>Referrals:<\/b> The FIU has referred 44 unregistered operators to investigative authorities.<\/li>\n<li style=\"font-weight:400\" aria-level=\"1\"><b>Cut-off rails:<\/b> Registered Korean exchanges may not transfer crypto to those 44 operators, and credit card purchases of crypto from unregistered platforms are already blocked.<\/li>\n<li style=\"font-weight:400\" aria-level=\"1\"><b>Whack-a-mole:<\/b> The FIU says it will monitor for replacement sites and mirror domains and request further blocks.<\/li>\n<\/ul>\n<p>The regulator also argues users are overpaying, and a <a href=\"https:\/\/www.etoday.co.kr\/news\/view\/2635026\" target=\"_blank\" rel=\"noopener noreferrer\">June industry survey<\/a> found that unregistered platforms charged average trading fees of 1.5% to 10%, up to 62 times the 0.16% average at Korea\u2019s five largest won exchanges.<\/p>\n<h2>What Should Korean Users Do Now?<\/h2>\n<p>The FIU\u2019s advice is pretty direct, i.e. if a platform turns out to be unregistered, users should <a href=\"https:\/\/www.etoday.co.kr\/news\/view\/2635026\" target=\"_blank\" rel=\"noopener noreferrer\">withdraw their assets<\/a> immediately. Additionally, users who run into trouble getting funds out will be guided through the Digital Asset Exchange Alliance (DAXA), the self-regulatory body of Korea\u2019s major exchanges. Only 28 virtual asset operators are currently registered with the FIU.<\/p>\n<p>The agency also warned against ads promising high returns, guaranteed principal, insider information or \u201cglobal listings,\u201d which are common hooks on offshore derivatives platforms.<\/p>\n<h2>The Timing Is Hard to Ignore<\/h2>\n<p>The order dropped on the same morning Korean equities went into freefall as the KOSPI <a href=\"https:\/\/x.com\/KobeissiLetter\/status\/2109838176038629642\" target=\"_blank\" rel=\"noopener noreferrer\">plummeted more than<\/a> 15% over five sessions, <a href=\"https:\/\/x.com\/cryptorover\/status\/2109848425772814764\" target=\"_blank\" rel=\"noopener noreferrer\">wiping almost $260 billion (\u20a9400 trillion)<\/a> off Korean stocks. Fundstrat\u2019s Tom Lee warned that the slide was <a href=\"https:\/\/x.com\/fundstrat\/status\/2109811837956931678\" target=\"_blank\" rel=\"noopener noreferrer\">likely spilling over into crypto<\/a> through brokerage margin liquidations, since Koreans are major crypto holders.<\/p>\n<p>That pressure was visible in bitcoin\u2019s price action as well, which slipped under $82,000 as <a href=\"https:\/\/news.bitcoin.com\/market-updates\/bitcoin-price-falls-below-82k-as-406m-in-longs-get-liquidated\/\">$406M in longs were liquidated<\/a> but subsequently recovered to around $84,000. Closing off offshore venues during a margin squeeze leaves Korean traders fewer places to hedge and more reason to stick with domestic won exchanges.<\/p>\n<p>It also fits a regulator in an enforcement mood because earlier this year the FIU imposed a six-month partial suspension and a $27.5 million (approx.) fine on Bithumb (before a <a href=\"https:\/\/news.bitcoin.com\/bithumb-seoul-court-halts-six-month-suspension\/\">Seoul court halted<\/a> the suspension). That said, S.Korea isn\u2019t purely in crackdown mode and Bitcoin.com News reported this week that <a href=\"https:\/\/news.bitcoin.com\/finance\/south-koreas-bitcoin-lending-experiment-begins-at-jeonbuk-bank\/\">Jeonbuk Bank had begun<\/a> accepting bitcoin as loan collateral.<\/p>\n<p>The message, in sum, therefore seems to be that crypto is welcome in Korea, but only through the licensed front door.<\/p>\n<div class=\"not-prose my-3 lg:my-4\">\n<div class=\"overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] hidden md:flex md:flex-row md:gap-3 lg:hidden\"><a aria-hidden=\"true\" tabindex=\"-1\" class=\"relative size-[150px] min-w-[150px] shrink-0 overflow-hidden rounded-[15px]\" href=\"https:\/\/news.bitcoin.com\/south-koreas-bitcoin-lending-experiment-begins-at-jeonbuk-bank\/\"><\/p>\n<div class=\"absolute left-2 top-2\"><img alt=\"Bitcoin.com News\" loading=\"lazy\" width=\"28\" height=\"28\" decoding=\"async\" data-nimg=\"1\" class=\"size-7\" style=\"color:transparent\" srcset=\"\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=32&amp;q=75 1x, \/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75 2x\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75\"\/><\/div>\n<p><\/a><\/div>\n<div class=\"overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] hidden lg:flex lg:flex-row lg:gap-4\"><a aria-hidden=\"true\" tabindex=\"-1\" class=\"relative size-[150px] min-w-[150px] shrink-0 overflow-hidden rounded-[15px]\" href=\"https:\/\/news.bitcoin.com\/south-koreas-bitcoin-lending-experiment-begins-at-jeonbuk-bank\/\"><img alt=\"South Korea\u2019s Bitcoin Lending Experiment Begins at Jeonbuk Bank\" loading=\"lazy\" decoding=\"async\" data-nimg=\"fill\" class=\"object-cover\" style=\"position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent\" sizes=\"150px\" srcset=\"\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fsouth-koreas-bitcoin-lending-experiment-begins-at-jeonbuk-bank-150x150.png&amp;w=32&amp;q=75 32w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fsouth-koreas-bitcoin-lending-experiment-begins-at-jeonbuk-bank-150x150.png&amp;w=48&amp;q=75 48w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fsouth-koreas-bitcoin-lending-experiment-begins-at-jeonbuk-bank-150x150.png&amp;w=64&amp;q=75 64w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fsouth-koreas-bitcoin-lending-experiment-begins-at-jeonbuk-bank-150x150.png&amp;w=128&amp;q=75 128w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fsouth-koreas-bitcoin-lending-experiment-begins-at-jeonbuk-bank-150x150.png&amp;w=256&amp;q=75 256w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fsouth-koreas-bitcoin-lending-experiment-begins-at-jeonbuk-bank-150x150.png&amp;w=384&amp;q=75 384w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fsouth-koreas-bitcoin-lending-experiment-begins-at-jeonbuk-bank-150x150.png&amp;w=640&amp;q=75 640w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fsouth-koreas-bitcoin-lending-experiment-begins-at-jeonbuk-bank-150x150.png&amp;w=828&amp;q=75 828w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fsouth-koreas-bitcoin-lending-experiment-begins-at-jeonbuk-bank-150x150.png&amp;w=1080&amp;q=75 1080w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fsouth-koreas-bitcoin-lending-experiment-begins-at-jeonbuk-bank-150x150.png&amp;w=1200&amp;q=75 1200w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fsouth-koreas-bitcoin-lending-experiment-begins-at-jeonbuk-bank-150x150.png&amp;w=1920&amp;q=75 1920w\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fsouth-koreas-bitcoin-lending-experiment-begins-at-jeonbuk-bank-150x150.png&amp;w=1920&amp;q=75\"\/><\/p>\n<div class=\"absolute left-2 top-2\"><img alt=\"Bitcoin.com News\" loading=\"lazy\" width=\"28\" height=\"28\" decoding=\"async\" data-nimg=\"1\" class=\"size-7\" style=\"color:transparent\" srcset=\"\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=32&amp;q=75 1x, \/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75 2x\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75\"\/><\/div>\n<p><\/a><\/p>\n<div class=\"flex min-w-0 flex-1 flex-col justify-center gap-2\">\n<p class=\"m-0 line-clamp-2 text-base leading-[1.3] !text-[#67656E]\">South Korea just cracked open the door to bitcoin-backed banking, according to local reports. Jeonbuk Bank has executed the country&#8217;s\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/exchanges\/south-korea-blocks-27-crypto-exchanges-kucoin-mexc\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Korea\u2019s FIU says 27 unregistered exchange sites, including Kucoin and MEXC, will be blocked ASAP. The FIU has referred 44 unregistered operators to investigators, with up to 5 years in prison on the table. The move lands as the KOSPI falls more than 15% in 5 [&hellip;]<\/p>\n","protected":false},"author":3947362404,"featured_media":79455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/79454"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362404"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=79454"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/79454\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/79455"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=79454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=79454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=79454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}