Crypto
FIU fines Korbit 2.73 billion won, issues institutional warning for law violations
South Korea’s Financial Intelligence Unit under the Financial Services Commission decided to impose a 2.73 billion won administrative fine and an institutional warning on virtual asset operator Korbit for violations including breaches of customer identification and transaction restriction obligations under the Special Financial Transactions Act. It also approved disciplinary actions for related employees, including a caution for the CEO. The action followed an on-site inspection conducted in October last year.
