South Korea has shut down 27 crypto exchanges, including BitMart and KuCoin .

What's the latest?

South Korea's Financial Intelligence Agency stated that it had sent 44 unregistered digital asset providers to the investigating authorities and would ask them to block websites re-opened under different addresses. Additionally, there are currently only 28 digital asset service providers registered with regulatory agencies.CoinDesk

Money alerts and withdrawals.

Financial regulators warned that traders using unauthorized platforms could face difficulties in recovering their funds, working with the digital asset eXchange Alliance, an industry association to help affected customers withdraw when access restrictions cause problems, asking investors to verify whether the platform is registered and removing assets from the unlicensed provider.

There's no response from the identified platform.

BitMart , Phemex and MEXC did not immediately respond to a request for comment,[22] stating that the user's assets remain safe and secure, and will communicate further progress through our official channels.

The Digital Asset Basic Law: not yet in force.

South Korea's Digital Asset Basic Law, which is not yet in force, will lay the foundation for a regulatory framework for digital assets including issuance, sale, receipt and custody regulation.

New rules for April.

South Korea's Financial Services Commission and the Office of Financial Services Regulatory Oversight announced new rules in April to eliminate trading fees for platforms that allow users over a holding period.

110 billion dollars flowed out.

South Korean investors have been gradually moving large amounts of money in digital assets overseas for months due to stricter regulations, with an estimated $110 billion a year flowing out from domestic platforms.2025

The effect on the reader

For readers who follow the digital asset market in South Korea, this news indicates that the platform's registration status and ability to access funds for withdrawal has become an important issue at a time when regulations are tightening and unregistered providers may be subject to additional scrutiny.