Korea’s FIU Set to Sanction Crypto Exchanges

The post Korea’s FIU Set to Sanction Crypto Exchanges appeared first on Coinpedia Fintech News

South Korea’s Financial Intelligence Unit (FIU) will impose strict penalties on Korbit, Gopax, Bithumb, and Coinone after finding anti-money laundering faults similar to the violations by Dunamu, operator of Upbit. Dunamu was fined 35.2 billion KRW ($24.35 million), setting a precedent for penalties across the sector. Industry experts expect these actions to be finalized by the first half of next year, marking one of the most aggressive regulatory moves in the Korean crypto market’s recent history.