South Korea is moving to cut domestic access to 27 crypto websites run by unregistered operators. The Financial Intelligence Unit (FIU) said the Korea Media and Communications Standards Commission decided on the blocks after two rounds of review on October 6 and 7, following an FIU request.

The sites belong to what the FIU calls illegal virtual asset handlers, meaning companies doing crypto business in Korea without reporting to the regulator. Under the Specific Financial Information Act, unregistered dealing is illegal in itself, which is why the FIU argues it can step in before any user has reported a loss.

Two Kinds of Block, Depending on Where the Server Sits

The decision covers two different measures, and which one applies depends on…