TechFlow news, December 31 — According to an official announcement by Korea's Financial Intelligence Unit (FIU), the FIU has issued a formal warning and imposed a fine of 2.73 billion Korean won (approximately 2 million USD) on virtual asset exchange Korbit, along with disciplinary actions against relevant executives.
The penalty stems from three major violations identified during the FIU's on-site inspection of Korbit between October 16 and October 29, 2024: approximately 22,000 cases of non-compliance related to customer identification (CDD) and transaction restrictions, including accepting ambiguous identity documents, permitting transactions with incomplete customer information, and failing to fulfill periodic customer re-verification obligations; conducting 19 asset transfer transactions with three overseas virtual asset service providers that were not registered; and launching new services such as NFTs without conducting anti-money laundering risk assessments.
The FIU stated it will continue strict enforcement to ensure the healthy development of the virtual asset market based on public trust, and to promote stronger anti-money laundering capabilities and compliance systems across the industry.
