Korbit Mirae Asset Acquisition Faces $1.9M Fine Hurdle

A $98 million exit is suddenly looking a bit more complicated. Korbit, the South Korean crypto exchange currently in acquisition talks with Mirae Asset, just got slapped with a $1.9 million fine. The penalty follows major breaches in anti-money laundering (AML) and customer verification protocols.

Korbit Hit with $1.9M Fine Amid Acquisition Talks

South Korea’s Financial Intelligence Unit (FIU) announced on Wednesday that it imposed a 2.73 billion won ($1.9 million) fine on Korbit. The regulator discovered thousands of violations related to customer due diligence and transaction restrictions during an inspection back in October 2024.

It's not just a corporate fine—the FIU also issued a warning to the CEO and reprimanded the reporting officer. This follows a massive $25 million fine recently handed to Upbit's operator, signalling that Korean regulators don't intend to go easy on the crypto sector.

Mirae Asset’s Crypto Ambitions

Mirae Asset is reportedly eyeing a majority stake in Korbit for as much as $98 million. As a traditional financial giant with little crypto exposure, this deal was seen as a bold entry into the digital asset market. However, these legal lapses might give Mirae Asset more leverage at the negotiating table—or cause them to rethink their risk appetite.