South Korea’s financial watchdog sanctions Korbit for anti-money laundering violations
South Korea's FIU fined Korbit $1.9 million for about 22,000 AML violations, including incomplete KYC checks.Summary
South Korea’s Financial Intelligence Unit (FIU) sanctioned the crypto exchange Korbit with an institutional warning and a fine of KRW 2.73 billion (approximately $1.9 million) due to widespread anti-money laundering (AML) failures. The review uncovered around 22,000 breaches of the Specific Financial Information Act, primarily involving incomplete Know Your Customer (KYC) checks, allowing unverified users to trade, and processing transfers to unregistered overseas virtual asset operators. Additionally, the FIU noted 655 instances where Korbit failed to conduct required money-laundering risk assessments. Beyond the fine, the watchdog issued a warning to Korbit’s CEO and reprimanded the designated reporting officer. This regulatory action comes as Mirae Asset Financial Group is reportedly in talks to acquire Korbit.
(Source：Crypto Briefing)