South Korean cryptocurrency exchange Korbit has agreed to pay a nearly $2 million fine and accept a formal warning from the Financial Intelligence Unit (FIU) for anti-money laundering (AML) violations. The penalty follows an October 2024 investigation that uncovered approximately 22,000 violations, including inadequate transaction monitoring and customer due diligence failures. Korbit was found to have accepted incomplete identity verification documents and allowed transactions without full KYC compliance. Korbit has stated it will "respect and accept" the FIU's decision and has completed necessary rectifications. The fine impacts Korbit significantly, as its daily trading volume has fallen to about $12 million, representing just 0.5% of the domestic market. Additionally, Korbit is reportedly nearing a change in ownership, with Mirae Asset potentially acquiring the exchange for $68 million to $95 million.