ChainCatcher reports that South Korean cryptocurrency exchange Korbit has announced it will accept a fine of nearly $2 million and an official warning from the Financial Intelligence Unit (FIU), and will not appeal. In October 2024, the FIU conducted on-site anti-money laundering inspections of all fiat currency exchanges in South Korea, discovering approximately 22,000 violations at Korbit, including 12,800 cases of accepting obscure or poorly copied identity documents, and allowing users to transact without completing KYC verification.
Korbit stated, "We respect and humbly accept the FIU's decision to ensure the transparency and healthy development of the crypto market, and have completed all corrective measures." As South Korea's first crypto exchage, Korbit's market share has shrunk to 0.5%, with a daily trading volume of only about $12 million. Securities giant Mirae Asset is pursuing an acquisition deal worth between $68 million and $95 million.
