Hassan Maishera
TL;DR
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South Korea’s financial regulator has slapped the Korbit exchange with a $1.9 million fine.
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The regulator said the fine was for anti-money laundering and customer verification breaches.
Korbit Fined $1.9M for AML and Customer Verification Breaches
South Korean-based cryptocurrency exchange, Korbit, was fined 2.73 billion won ($1.9 million) by the country's regulator for multiple anti money-laundering and customer verification breaches.
According to the Financial Intelligence Unit, the cryptocurrency exchange violated key provisions of South Korea’s Special Financial Transactions Act, including lapses in customer due-diligence and transaction restrictions.
The regulator also imposed an institutional warning and issued personal disciplinary measures against senior Korbit executives.
This latest development comes as Mirae Asset, a Seoul-based financial group with no prior involvement in crypto-related businesses, is in talks to acquire a majority stake in Korbit in a deal reported to be worth as much as $98 million.
In November, the local media outlet Maeil Business also reported that Bybit is currently in talks to acquire the South Korean cryptocurrency exchange Korbit.
The regulator said it 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 FIU added that 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.
The fining is part of the FIU’s 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 2025, the regulator issued Dunamu, the operator of Upbit, South Korea's largest crypto exchange, a $25 million fine and other sanctions for similar violations.
