The FIU levies a 2.7 billion won fine on Korbit, issuing institutional warnings and sanctions to executives.

The Financial Services Commission's Financial Intelligence Unit (FIU) has imposed a fine of 2.73 billion won and issued an institutional warning to Korbit, a virtual asset exchange, for violating customer identification and transaction restriction obligations, Yonhap News reported. The FIU identified approximately 22,000 violations of customer identification and transaction restriction obligations, 19 transactions with unreported overseas virtual asset operators, and instances of failure to conduct money laundering risk assessments before supporting new transactions. The FIU also imposed sanctions on related executives and employees, including a warning to the CEO and a reprimand to the reporting officer.