Gate News: On March 16, the Financial Information Analysis Institute under the Korea Financial Services Commission will hold a penalty review committee to discuss the level of punishment for a certain CEX A for violating the “Specific Financial Information Act.” The exchange is suspected of violating anti-money laundering obligations and has previously received notices of partial business suspension for 6 months and a warning of accountability for its representatives. The penalty is more severe than the 3-month partial suspension previously imposed on another exchange (CEX B). CEX A has a higher volume of unreported virtual asset transactions with overseas exchanges compared to CEX B, and transaction volume is a key factor in determining the penalty. CEX B was fined 35.2 billion KRW for 44,948 transactions, while CEX C, with only 19 transactions, was fined 2.7 billion KRW. Media speculate that the fine for CEX A could exceed that of CEX B, reaching around 37 billion KRW.
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