South Korea Imposes Heavy Fines on Crypto Exchanges, Disrupts Market Activities

Major South Korean cryptocurrency exchanges are facing hefty fines and operational suspensions after failing to meet AML and KYC compliance standards. The Financial Intelligence Unit (FIU), responsible for anti-money laundering regulations, has initiated enforcement action against prominent platforms including Dunamu’s Upbit, Korbit, GOPAX, Coinone, and Bithumb. 35.2 billion won was levied on Dunamu alone, leading to a three-month operational halt. The FIU will also impose penalties based on individual exchange investigations.