Korbit hit with $1.9 million AML fine amid talks to sell stake to Mirae Asset
South Korean regulator fined Korbit $1.9 million for AML and KYC violations while it negotiates a sale to Mirae Asset.Summary
Korbit, a South Korean cryptocurrency exchange currently in discussions to sell a majority stake to Mirae Asset, was fined 2.73 billion won ($1.9 million) by the country's Financial Intelligence Unit (FIU). The penalty stems from multiple breaches of the Special Financial Transactions Act, specifically related to lapses in customer due-diligence (KYC) and transaction restrictions (AML). In addition to the fine, the FIU issued an institutional warning and imposed personal disciplinary measures against senior Korbit executives following an on-site inspection in October 2024 that uncovered thousands of violations. This enforcement action occurs while Mirae Asset, a financial group new to crypto, is reportedly negotiating the acquisition for up to $98 million. The FIU stated the action is part of its effort to strengthen AML capabilities in the virtual asset market to foster public trust.
(Source：CoinDesk)