Cryptocurrency exchange Korbit has been slapped with an institutional warning and a 2.73 billion won ($1.9 million) fine for breaching anti-money laundering rules, the Financial Services Commission (FSC) said Wednesday. The penalties were decided by the sanctions review committee of the Financial Intelligence Unit (FIU), which operates under the country’s top financial regulator. Disciplinary actions were also taken against senior executives, with the company’s CEO receiving a “caution” and the reporting officer facing a “reprimand.” The FIU’s comprehensive on-site inspection uncovered multiple violations of the Act on Reporting and Using Specified Financial Transaction Information, including breaches of customer due diligence requirements, failures to restrict transactions and violations of the ban on dealings with unreported virtual asset service providers. Authorities identified around 22,000 cases involving improper customer identification and transaction controls. Under the law, virtual asset operators are required to block transactions for customers whose verification