Crypto Exchange Korbit Fined $1.90 Million By South Korean Regulators

South Korea’s top money-laundering watchdog has slapped crypto exchange Korbit with a fine worth about ₩2.73 billion, or roughly $1.90 million, after finding widespread lapses in its compliance controls. Related Reading: Crypto Headed For A $10 Trillion Future? Hoskinson Says RWA Is The Key According to regulator statements and multiple news reports, the move follows an on-site inspection that uncovered thousands of rule breaches and several risky transfers abroad. Regulatory Findings And Scope Of The Inspection The Financial Intelligence Unit said inspectors found nearly 22,000 breaches related to AML and KYC rules. The FIU said the inspection, carried out from October 16 to 29, 2024, exposed serious gaps in how Korbit verified customer identities and handled transactions. Reports have disclosed that the exchange allowed some customers to trade before full verification was completed and accepted unclear or incomplete identity documents in many cases. The regulator also flagged 19 over