Korbit Accepts $2 Million Anti-Money Laundering Fine, Plans Reforms

Following FIU (financial intelligence regulator) inspections citing multiple violations, the Korean cryptocurrency exchange (platform for trading digital assets) pledged transparency reforms; its market share fell to 0.5% and daily trading volume is around $12 million.

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Terms & Concepts
  • Cryptocurrency exchange: A platform where users buy and sell digital assets like Bitcoin and Ethereum.
  • Anti-Money Laundering (AML): Compliance rules and controls designed to detect and prevent illicit financial activity.
  • Financial Intelligence Unit (FIU): A government agency that monitors and analyzes suspicious financial transactions.