Ah, the sweet scent of bureaucracy! South Korea’s Financial Intelligence Unit (FIU) has finally flexed its muscles, indicting the hapless Korbit exchange after a “comprehensive inspection”-because nothing says “happy holidays” like a regulatory smackdown. 🎉✨
Turns out, Korbit got caught with its pants down, violating the Specific Financial Information Act. Shocking, I know! 🤡 Among the sins? Sloppy customer due diligence, transaction restrictions that were more like suggestions, and shady dealings with unreported overseas VASPs. Classic crypto chaos! 🤑
First-In, First-Out: The FIU’s New Party Trick 🎭
According to the ever-watchful Wu Blockchain, Korbit’s AML inspection was a dumpster fire. 🔥 The FIU found them guilty of everything from NFT risk assessments gone wrong to general financial tomfoolery. Here’s the tweet that broke the internet:
South Korea’s Financial Intelligence Unit (FIU) said an AML inspection found Korbit in violation of the Specific Financial Information Act, including failures in customer due diligence, transaction restrictions, dealings with unreported overseas VASPs, and AML risk assessments…
– Wu Blockchain (@WuBlockchain) December 31, 2025
The penalty? A slap on the wrist-er, an institutional warning-and a cool KRW 2.73 billion fine ($1.88 million). The CEO got a caution, and the reporting officer was reprimanded. Ouch! 😬 But hey, at least they’re not in jail, right?
Korbit’s been on the FIU’s radar for ages, though. Last month, the FIU was sharpening its claws, ready to pounce on nearly every top crypto exchange after months of AML inspections. GOPAX, Bithumb, and Coinone are next in line, thanks to the FIU’s “first-in, first-out” method. Because why fix everything at once when you can drag it out? 🦥
The FIU promises to issue prior notices of fines for violations of customer identification and transaction restrictions. Korbit gets 10 days to plead its case. Spoiler alert: it won’t end well. 🕰️
FIU’s Grand Strategy: Whack-a-Mole with Crypto Firms 🎮
Moving forward, the FIU plans to sequentially conduct follow-up measures for other on-site inspections. Translation: they’re playing regulatory whack-a-mole. 🪨 Serious violations of special financial laws? Expect sanctions stricter than a schoolmarm’s gaze. 👀
But fear not, crypto enthusiasts! The FIU isn’t just about punishment. They’re also here to “support the virtual asset market to grow with public trust.” By, you know, strengthening money laundering capabilities and legal compliance systems. Because nothing says trust like a government crackdown! 🤝
Meanwhile, rumors are swirling that Bybit is eyeing Korbit for acquisition. They’ve met with Korbit’s management and are reportedly starting with a 31.5% stake from SK Planet. NXC, Nexon’s parent company, owns another 60.5%. Will Bybit save the day, or is this just another crypto soap opera? 🍿
Stay tuned, folks. The crypto circus never stops! 🎪
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2025-12-31 23:31