KuCoin, MEXC, BingX: The 40 Unregistered Crypto Operators Korea Reported to Investigators

The short version: the FSC has named 40 unregistered crypto operators that were reported to investigators, in annex 1 of its release of 24 Jun 2026 (FSC). The list starts with 16 offshore exchanges reported on 17 August 2022, among them KuCoin, MEXC, Phemex, XT.com, CoinEx, Poloniex, and ends with 12 operators reported on 10 June 2026.

What the FSC Says

A business that serves Korean residents must report to the FIU, including an offshore exchange. The FSC judges this from a Korean-language website, Korean won payments and marketing aimed at Korean customers, and says an operator can be in scope even without the first two. Operating without a report is punishable by up to five years in prison or a fine of up to 50 million won (FSC).

The FSC says a joint check with DAXA and the reported exchanges, in about three months to 10 June 2026, found 12 operators (8 illegal over-the-counter desks and 4 offshore exchanges doing business in Korea) and referred them to the police. It also says the list does not cover every illegal operator.

On 15 Oct 2026 the FSC said access in Korea to 27 websites of illegal virtual asset operators had been blocked (FSC).

Global Exchanges on Neither List

Binance, Bitget, Bybit, Coinbase, Gate, Kraken, OKX are not on the FIU list and not among the 40. Neither list says whether these firms serve Korean residents.

All 40 Operators