Korea FIU Flags Korbit, Gopax, Bithumb, Coinone for Penalties

South Korea’s Financial Intelligence Unit (FIU) is preparing a new round of enforcement actions against several major crypto exchanges. According to industry sources and recent local media reports Korbit, Gopax, Bithumb and Coinone are next in line. For sanctions following the penalty imposed on Dunamu, the operator of Upbit. The move signals one of the most aggressive regulatory crackdowns the country has seen in its digital asset sector.

FIU Follows ‘First-In, First-Out’ Approach

The FIU has been conducting on-site inspections since last year to assess whether exchanges followed anti-money laundering obligations. It is now applying a “first-in, first-out” method for penalties based on inspection order. The authorities inspected Dunamu first in August last year and penalized it earlier this month. It received a 35.2 billion KRW fine and a three-month suspension on new customer deposits and withdrawals.

Authorities inspected Korbit in October, followed by Gopax in December. Bithumb underwent an inspection in March this year and Coinone followed in April. Based on this sequence, regulators expect Korbit and Gopax to face penalties next. They may handle Bithumb last due to a second round of inspections related to its order book.

Violations Expected to Mirror Dunamu’s Case

Market observers believe that most violations uncovered across the exchanges are similar. Inspectors reportedly found issues tied to Know Your Customer (KYC) processes. Including failure to report suspicious activity and breaches of the Special Financial Transactions Act. Because the FIU used similar criteria during these audits. Many within the industry expect the penalties to be consistent in scope and severity.

One industry insider noted that the FIU examined all platforms using the same AML standards. As a result, there are limited expectations that the penalty amounts will vary significantly from Dunamu’s case. Fines could reach hundreds of billions of Korean won across the group. It depends on the number and gravity of each violation.

Sanctions Likely Completed by First Half of 2026

Although the enforcement process is moving quickly. The FIU still needs to complete legal reviews and convene a sanctions committee for each exchange. Because these procedural steps take time, most penalties are now expected to be finalized by the first half of next year. Rather than before the end of 2025. Bithumb’s timeline may stretch even further due to additional investigations. Meanwhile, Coinone is expected to follow soon after, once reviews are complete.

A Tough Year Ahead for Korean Exchanges

The looming sanctions mark a challenging chapter for the country’s crypto trading platforms. South Korea already maintains some of the strictest AML rules in the world. This latest wave of enforcement underscores the government’s intention to tighten oversight even further. Currently, all eyes remain on the FIU as it prepares to hand down some of the largest penalties the sector has seen. This sets the tone for Korea’s regulatory climate in 2026.