South Korea’s Monetary Intelligence Unit is getting ready extreme sanctions for main cryptocurrency exchanges after fining Dunamu (Upbit) $24 million, in accordance with regulatory sources. Korbit, GOPAX, Bithumb, and Coinone face comparable penalties for anti-money laundering violations.
Inspections carried out over the previous 12 months revealed widespread failures in buyer verification and suspicious transaction reporting. The FIU will impose sanctions within the order audits had been accomplished, following the Upbit precedent that included a three-month service suspension and multi-million greenback high quality.
This represents essentially the most aggressive regulatory offensive up to now in South Korea, the place authorities are balancing sector oversight with monetary innovation plans and the postponement of crypto good points taxation.
Supply: South Korea’s Monetary Intelligence Unit
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