The South Korean FIU has fined Korbit approximately 1.88 million U.S. dollars and issued a "institution warning" sanction.

BlockBeats News, December 31, the Financial Intelligence Unit (FIU) under the South Korean Financial Services Commission announced that due to the cryptocurrency exchange platform Korbit's violation of the Anti-Money Laundering (AML) obligations stipulated in the Specific Financial Information Act, it has been issued an "Institutional Warning" and fined 2.73 billion Korean won (about 1.88 million U.S. dollars). The FIU issued a "Caution" to its representative office, and a "Reprimand" to the anti-money laundering reporting officer.

This sanction involves three major violations found during the on-site inspection of Korbit by the FIU from October 16 to October 29, 2024: Korbit had about 22,000 cases of Customer Due Diligence (CDD) and transaction restriction violations, including accepting unclear identity documents, allowing transactions with incomplete customer information, and failing to periodically reconfirm customer information; conducted 19 asset transfer transactions with three undisclosed overseas virtual asset service providers; and failed to conduct the required anti-money laundering risk assessment before listing 655 new assets such as NFTs.