Korbit, a South Korean cryptocurrency exchange, has accepted a fine of approximately $2 million and an official warning issued by the Financial Intelligence Unit (FIU) for anti-money laundering (AML) violations, and has stated that it will not appeal. Investigations revealed multiple issues in Korbit's transaction monitoring and customer due diligence, including around 22,000 violations, allowing transactions for users who have not completed KYC, and transfers involving overseas crypto service providers not registered in Korea. Due to regulatory pressure and declining business, Korbit's current market share in South Korea has dropped to about 0.5%. Additionally, Mirae Asset, a securities firm, is moving forward with the acquisition of Korbit. (DL News)
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Korbit, a South Korean cryptocurrency exchange, has accepted a fine of approximately $2 million and an official warning issued by the Financial Intelligence Unit (FIU) for anti-money laundering (AML) violations, and has stated that it will not appeal. Investigations revealed multiple issues in Korbit's transaction monitoring and customer due diligence, including around 22,000 violations, allowing transactions for users who have not completed KYC, and transfers involving overseas crypto service providers not registered in Korea. Due to regulatory pressure and declining business, Korbit's current market share in South Korea has dropped to about 0.5%. Additionally, Mirae Asset, a securities firm, is moving forward with the acquisition of Korbit. (DL News)