Major South Korean Crypto Exchanges Face Fines and Sanctions Over Money Laundering Lapses
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Major South Korean cryptocurrency exchanges are facing fines and sanctions from the country’s financial watchdog.
The Korea Financial Intelligence Unit alleges the platforms failed to meet their anti-money laundering obligations, a problem regulators say threatens the fast-growing crypto market.
A report published Monday indicates the penalties will target both the companies and individuals involved. The FIU has already sanctioned Upbit and is now moving to penalize other top exchanges, including Bithumb, Coinone, Korbit, and GOPAX.
The sanctions follow on-site inspections conducted since last year to check if the platforms were properly verifying their customers’ identities and reporting suspicious transactions.
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