South Korea‘s Financial Intelligence Unit (FIU), operating under the Financial Services Commission, is preparing sanctions against leading domestic crypto exchanges including Korbit, Gopax, Bithumb, and Coinone, following the Dunamu case. The measures target alleged AML and KYC violations, with the process advancing through legal review and sanctions deliberation sessions. Regulators indicate a consistent approach across platforms exhibiting similar compliance failures.
In February, the FIU issued a warning to a Dunamu representative for breaches of the Special Financial Transactions Act, enforcing a three-month halt on new deposits and withdrawals and a penalty of 35.2 billion won. While completing all actions within the current year is unlikely, authorities expect the bulk of sanctions to be resolved in the first half of next year.
Source: https://en.coinotag.com/breakingnews/south-korea-fiu-to-sanction-major-domestic-crypto-exchanges-over-aml-kyc-violations-majority-expected-by-h1-next-year
