After sanctioning Upbit, South Korean regulators are turning their focus to the rest of the industry’s leading crypto exchanges.
The Financial Intelligence Unit (FIU) is preparing penalties for Bithumb, Coinone, Korbit, and GOPAX, signaling a comprehensive sweep of the market to enforce anti-money laundering standards.
The upcoming sanctions, which include fines and measures against individuals, stem from on-site inspections that uncovered breaches in key compliance areas.
Regulators are taking a systematic, case-by-case approach to what they see as systemic failures in “Know Your Customer” (KYC) and suspicious transaction reporting. This coordinated action underscores the government’s commitment to imposing stricter oversight on the virtual asset market.
