South Korea's FIU fines Korbit $2M for compliance failures

South Korea's Financial Intelligence Unit (FIU) has fined cryptocurrency exchange Korbit 2.73 billion won (approximately $2.0 million) and issued an institutional warning for violating customer due diligence and transaction restriction rules, Yonhap News reported. The FIU, operating under the Financial Services Commission, identified around 22,000 such violations. The regulator also found 19 transactions with unregistered overseas virtual asset service providers and instances where Korbit failed to conduct money laundering risk assessments before listing new assets. In addition, the FIU took disciplinary action against relevant executives, issuing a caution to the CEO and a reprimand to the chief compliance officer.