Korbit fined $1.9 million for anti money-laundering, customer verification breaches

Korbit, the South Korean crypto exchange in talks to be bought by Mirae Asset, was fined 2.73 billion won ($1.9 million) by the country's regulator for multiple anti money-laundering and customer verification breaches. The Financial Intelligence Unit said the exchange violated key provisions of the country’s Special Financial Transactions Act, including lapses in customer due-diligence and transaction restrictions. In addition to the fine, it imposed an institutional warning and issued personal disciplina ...