South Korean Exchanges Face Heavy Fines for AML/KYC Violations

South Korea’s Financial Intelligence Unit (FIU) has penalized major crypto exchanges for failing to meet Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. The largest fines were handed down to Upbit, which received a ₩35.2 billion penalty and a temporary suspension of new user accounts. These enforcement actions highlight the challenges facing the industry and its impact on market dynamics.