This post was originally published on Coinspeaker
Key NotesSouth Korea’s FIU has completed a comprehensive inspection of Korbit.Findings have led the regulator to impose an institutional warning and a $1.88 million fine on the exchange.Bybit is allegedly in the process of acquiring Korbit.
South Korea’s Financial Intelligence Unit (FIU) has indicted the Korbit exchange after a recently conducted comprehensive inspection.
The result of this exercise showed that the cryptocurrency exchange violated the Specific Financial Information Act.
This includes failures in customer due diligence, transaction restrictions, and dealings with unreported overseas VASPs.
First-In, First-Out Method for South Korea’s Regulation
According to Wu Blockchain, an anti-money laundering (AML) inspection discovered that Korbit had fallen short of the Specific Financial Information Act.
South Korea’s Financial Intelligence Unit (FIU) said an AML inspection found Korbit in violation of the Specific Financial Information Act, including failures in customer due diligence, transaction restrictions, dealings with unreported overseas VASPs, and AML risk assessments…
— Wu Blockchain (@WuBlockchain) December 31, 2025
It violated AML risk assessments for non-fungible tokens (NFTs). As a penalty for this offense, the FIU has imposed an institutional warning and a KRW 2.73 billion fine, which is equivalent to $1.88 million.
The CEO was also issued a caution, while
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