South Korea’s Financial Intelligence Unit is preparing severe sanctions for major cryptocurrency exchanges after fining Dunamu (Upbit) $24 million, according to regulatory sources. Korbit, GOPAX, Bithumb, and Coinone face similar penalties for anti-money laundering violations.
Inspections conducted over the past year revealed widespread failures in customer verification and suspicious transaction reporting. The FIU will impose sanctions in the order audits were completed, following the Upbit precedent that included a three-month service suspension and multi-million dollar fine.
This represents the most aggressive regulatory offensive to date in South Korea, where authorities are balancing sector oversight with financial innovation plans and the postponement of crypto gains taxation.
Source: South Korea’s Financial Intelligence Unit
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