[South Korea's Financial Intelligence Unit Issues Institutional Warning and 2.73 Billion KRW Fine to Korbit] According to a report from South Korea's Financial Intelligence Unit (FIU), virtual asset service provider Korbit has been issued an institutional warning and fined 2.73 billion KRW (approximately $2.08 million) for violating the 'Act on Reporting and Using Specified Financial Transaction Information.' Additionally, warnings and disciplinary actions were imposed on the company's representative and the person responsible for reporting. Violations included approximately 22,000 cases of failure to fulfill customer identification and transaction restriction obligations, as well as 19 transactions with unregistered overseas VASPs. The FIU emphasized that it will continue to strengthen AML compliance supervision.