South Korea's financial intelligence agency issued an institutional warning and fined Korbit 2.73 billion won.

According to a report from the Financial Intelligence Unit (FIU) of Korea, virtual asset service provider Korbit has been given an institutional warning and fined 2.73 billion won (approximately US$2.08 million) for violating the Specific Financial Information Act. The company's representative and those responsible for reporting violations have also received warnings and disciplinary action. The violations include approximately 22,000 breaches of customer due diligence and transaction restriction obligations, as well as 19 transactions with unregistered overseas VASPs. The FIU emphasized that it will continue to strengthen AML compliance oversight.