South Korea's FIU imposes a fine of approximately $1.88 million on Korbit and issues an "institutional warning" penalty.

Techub News reports, according to an announcement from the Korean Financial Intelligence Unit (FIU), regarding cryptocurrency exchange Korbit's violation of Anti-Money Laundering (AML) obligations stipulated by the "Specific Financial Information Act," the FIU has decided to impose an "institutional warning" penalty on it and levy a fine of 2.73 billion KRW (approximately 1.88 million USD). Additionally, the FIU imposed a "caution" penalty on its representative director and a "reprimand" penalty on the AML reporting responsible person. This sanction involves three major violations discovered by the FIU during an on-site inspection of Korbit from October 16 to October 29, 2024: Korbit had approximately 22,000 cases of Customer Due Diligence (CDD) and transaction restriction violations, including accepting ambiguous identification documents, allowing transactions with incomplete customer information, and failing to perform periodic customer re-verification obligations as required; conducted 19 asset transfer transactions with 3 unregistered overseas virtual asset service providers; and failed to perform money laundering risk assessment obligations as required before listing 655 new assets such as NFTs.