South Korea's Financial Intelligence Unit (FIU) has fined cryptocurrency exchange Korbit 2.73 billion won (approximately $1.88 million) for violations of the Specific Financial Information Act. The violations include failures in customer due diligence, transaction restrictions, and prohibitions on transactions with unregistered overseas virtual asset service providers. Additionally, Korbit did not conduct money laundering risk assessments for new business areas such as NFTs. The FIU has issued an institutional warning to Korbit, along with disciplinary actions against its representative director and compliance officer.