South Korea’s FIU Targets Korbit, Gopax, Bithumb, Coinone Over AML Compliance Failures

Highlights:

• South Korea’s FIU has cracked down on major exchanges over failure to comply with the nation’s AML regulations.
• FIU officials have completed inspections on the implicated exchanges and will soon meet to decide on sanctions for defaulters.
• Trading platforms will likely receive punishments similar to those issued to Dunamu.

South Korea’s Financial Intelligence Unit (FIU) is preparing to issue additional penalties against local cryptocurrency exchanges that have violated the country’s anti-money laundering (AML) rules. According to a local report, published November 24, the FIU plans to issue the penalties one exchange at a time, following a similar order for on-site inspections. This follows the recent sanction against Dunamu, Upbit’s operator, with more exchanges set to face similar consequences.

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The Korea Financial Intelligence Unit (FIU) is expected to impose institutional and personal penalties on Korbit, Gopax, Bithumb, and Coinone in sequence, following Dunamu. Industry insiders expect the violations to be similar across exchanges, with penalties comparable to…

— Wu Blockchain (@WuBlockchain) November 24, 2025

FIU Officials Set to Convene for Sanctions Committee Meetings

The FIU recently concluded inspections of Upbit, Bithumb, Coinone, Korbit, and GoPax. The inspections focused on the exchanges’ compliance with know-your-customer (KYC) rules and how quickly they flag suspicious transactions. Currently, the FIU officials are reviewing the inspection findings and will soon hold sanctions committee meetings to determine the extent of sanctions for each exchange.

The FIU adopts a “first-in, first-out” approach, implying that exchanges inspected earlier will receive penalties first. Dunamu was inspected in August last year, followed by Korbit and Gopax in October 2024 and December 2024, respectively. This year, Bithumb and Coinone were inspected in March and April. While penalties are expected in this same order, Bithumb’s punishment may come last because the FIU just recently completed an additional inspection related to its order book. 

Violators to Face Bans and Fines Like Dunamu

The exchanges’ punishment processes will follow the same pattern as Dunamu’s case. First, the regulators will confirm personal and institutional penalties before announcing monetary punishment in the form of fines. Many industry leaders believe that most exchanges have committed similar violations. Hence, their punishment levels will be similar to Dunamu’s.

An industry official said: 

“I know that the FIU has generally inspected the same part of the special money law, and I don’t think the level of sanctions will be much different from Dunamu.”

The FIU banned Dunamu for three months for accepting new customers and fined its CEO for violating the Special Funds Act. Earlier this month, the FIU added a 35.2 billion won fine to Dunamu. Authorities expect to punish more exchanges in the first half of 2025.

South Korea is intensifying its crypto AML enforcement with significant penalties for major virtual asset exchanges like Dunamu, Korbit, Gopax, Bithumb, and Coinone. The Korea FIU’s crackdown includes fines, disciplinary actions, and service suspensions to ensure compliance and… pic.twitter.com/ixKArjJq7Y

— Fama Crypto (@Famacrypt) November 24, 2025

Exchanges Continue to Expand Services in South Korea Amid Strict Regulatory Oversight

The latest crackdown is coming on the heels of renewed uncertainty over South Korea’s long-overdue crypto tax regime. Top officials fear that the country lacks the detailed guidance and infrastructure to implement virtual assets taxation scheduled for January 2027. Consequently, talks for a fourth official delay have returned to the nation’s agenda after years of political debates and previous postponements.

Despite these tight crypto regulatory oversights, Crypto2Community reported that Crypto.com and Travel Wallet have signed a strategic Memorandum of Understanding (MoU) to expand crypto services in South Korea. The partnership will introduce new payment tools, integrating traditional finance and blockchain technologies.

Reacting to the move, Eric Anziani, President and Chief Operating Officer (COO) of Crypto.com, stated:

“We are thrilled to collaborate with Travel Wallet to implement crypto-powered functionalities that make spending and trading easier and rewarding to a consumer base who are enthusiastic about such functionalities.”

In October, Binance completed Gopax’s acquisition, marking its re-entry into one of Asia’s leading crypto markets after its exit in 2021. The FIU approved the purchase after over two years of delay. Following the purchase, Binance now owns 67% of Gopax’s stake.

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