The cryptocurrency exchange Hanbitco has been fined approximately $1.43 million by the South Korean FIU due to unusual trading activities

ChainCatcher news, according to the Korea Economic Daily, the Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) of South Korea reported that the South Korean cryptocurrency exchange Hanbitco has frequently exhibited abnormal trading activities such as wash trading. On October 13, the FIU imposed a fine of 1.942 billion won (approximately 1.43 million USD) on Hanbitco for "violating the obligations to verify customers and restrict transactions" and "violating the obligation to provide information when transferring virtual assets," and issued an "institutional warning."

The FIU stated, "Hanbitco must establish and regularly review an effective system, such as periodically verifying the effectiveness of suspicious transaction withdrawal rules and adjusting the thresholds of rules with low effectiveness."