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Shalini Nagarajan

South Korea's FIU to Impose Penalties on Major Crypto Exchanges for AML Compliance Failures

South Korea's Financial Intelligence Unit is proceeding with enforcement actions against major domestic cryptocurrency exchanges for alleged anti-money laundering violations. The regulator plans to issue institutional fines and individual sanctions following on-site inspections completed at Upbit, Bithumb, Coinone, Korbit, and GOPAX. The enforcement follows sequential reviews conducted since August 2024, with penalties potentially reaching hundreds of billions of won across the sector.
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