FIU to Slap Sanctions, Fines on Crypto Exchanges After AML Probes

South Korea’s financial intelligence unit is set to impose sanctions and fines on multiple domestic cryptocurrency exchanges, following investigations that revealed anti-money laundering failures.

The Korea Financial Intelligence Unit (FIU) is moving to penalize major trading platforms that were found to have breached their legal obligations.

According to a local report, the sanctions will target both the institutions and their executives.

The FIU has already acted against Upbit and is now processing cases against other major exchanges—Bithumb, Coinone, Korbit, and GOPAX—using a first-in, first-out system. The probes, conducted over the past year, specifically assessed compliance with customer verification and suspicious activity reporting rules.