“The South Korean regulator slapped Korbit with a compliance penalty as the crypto exchange conducts talks to be bought by Mirae Asset.”, — write: www.coindesk.com
The Financial Intelligence Unit said the exchange violated key provisions of the country’s Special Financial Transactions Act, including lapses in customer due diligence and transaction restrictions. In addition to the fine, it imposed an institutional warning and issued personal disciplinary measures against senior Korbit executives, it said Wednesday.
The enforcement action comes as Mirae Asset, a Seoul-based financial group with no prior involvement in crypto-related businesses, holds talks to acquire a majority stake in Korbit in a deal reported to be worth as much as $98 million.
The FIU also “decided to impose sanctions on related executives and employees, including a warning to the CEO and a reprimand to the person responsible for reporting,” the regulator’s notice said.
The FIU said it conducted an on-site inspection of Korbit in October 2024 and found thousands of anti money-laundering (AML) and know-your-customer (KYC) verification violations.
It noted that the enforcement action is part of its efforts in “strengthening anti-money laundering capabilities and legal compliance systems of businesses so that the virtual asset market can grow with public trust”. In November, the FIU issued Dunamu, the operator of Upbit, South Korea’s largest crypto exchange, a $25 million fine and other sanctions for similar violations.
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The Digital Asset Basic Act is stalled as regulators clash over who should be allowed to issue won-pegged stablecoins, extending uncertainty in one of Asia’s most active crypto markets.
- South Korea’s Digital Asset Basic Act is delayed due to disagreements over stablecoin issuance authority.
- The Bank of Korea insists only banks with 51% ownership should issue stablecoins, while the Financial Services Commission warns this could hinder innovation.
- The deadlock may delay the bill’s passage until January, with full implementation unlikely before 2026.
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