Korbit Fined $1.9M for AML and KYC Breaches
Korbit fined $1.9 million for anti-money laundering, customer verification breaches
Korbit, a South Korean crypto exchange, was fined KRW 2.7 billion (approximately $1.9 million) after inspectors found repeated breaches of anti-money laundering and customer verification rules, according to the provided description.
The exchange, described as the country’s fourth-largest, was penalized after authorities said it violated customer verification requirements and transaction restriction rules under South Korea’s Specific Financial Information Act.
Customer verification and transaction restrictions are core parts of crypto compliance frameworks, aimed at ensuring platforms identify users and apply controls that can help reduce illicit financial activity. Regulators typically treat repeated failures in these areas as serious because they can weaken the effectiveness of anti-money laundering oversight.
The fine highlights South Korea’s continued enforcement of compliance obligations for crypto platforms operating under the Specific Financial Information Act, including expectations around consistent customer checks and adherence to transaction-related controls.
