South Korea Prepares Major Crypto Exchange Penalties Following AML Investigation
South Korea's FIU is set to penalize Korbit, Gopax, Bithumb, and Coinone after an AML investigation following a major fine on Upbit operator Dunamu.Summary
The Korea Financial Intelligence Unit (FIU) is preparing substantial penalties for major crypto exchanges Korbit, Gopax, Bithumb, and Coinone following a year-long Anti-Money Laundering (AML) investigation. This follows a precedent set in November 2025 when Dunamu, operator of Upbit, was fined 35.2 billion won ($24 million) for over 8.6 million customer identification rule violations, including accepting improper documents and failing to report suspicious transactions. The FIU is applying penalties sequentially based on their 2024-2025 inspection timeline (Dunamu, Korbit, GOPAX, Bithumb, Coinone). Industry experts anticipate similar, significant fines for the remaining exchanges, potentially totaling hundreds of billions of Korean won, with most sanctions expected in the first half of 2026. This aggressive enforcement occurs amid broader regulatory uncertainty in South Korea, including delayed crypto tax implementation and political instability affecting comprehensive legislation, though the country is moving forward with the Digital Asset Basic Act.
(Source：Brave New Coin)