Korbit to decide this week on payment of $2M AML fine

South Korean cryptocurrency exchange Korbit will decide at a board meeting this week whether to pay a 2.73 billion won ($2.0 million) fine imposed by the country's Financial Intelligence Unit (FIU), ZDNet reported exclusively. The penalty was levied on Jan. 1 after an FIU inspection last year found the exchange had violated its anti-money laundering obligations. According to the report, Korbit may need to sell some of its cryptocurrency holdings to cover the fine, as it holds only around 3.5 billion won ($2.6 million) in cash and cash equivalents. The exchange currently possesses approximately 7.3 billion won ($5.4 million) in digital assets, including Bitcoin, Ethereum, Solana, and Ripple.