South Korea Prepares Major Crypto Exchange Penalties Following AML Investigation
South Korea’s financial authorities are preparing to impose heavy penalties on the country’s largest cryptocurrency exchanges after finding widespread failures in anti-money laundering compliance.
The Korea Financial Intelligence Unit (FIU) plans to sanction Korbit, Gopax, Bithumb, and Coinone following a year-long investigation that has already resulted in a $24 million fine against Upbit operator Dunamu.
Dunamu Sets the Precedent with $24 Million Fine
The FIU completed a 35.2 billion won fine against Dunamu in November 2025, marking the first major penalty in this enforcement wave. The company, which operates South Korea’s largest crypto exchange Upbit, violated customer identification rules in over 8.6 million cases.
The violations…
