Overview
- Legal reviews are underway for Korbit, GOPAX, Bithumb, and Coinone, with penalties expected to be issued in the sequence their on‑site inspections were completed.
- Industry sources say Korbit is likely next, while Bithumb’s case could be delayed following an additional review of its order book system.
- Expected measures include institutional restrictions, personnel sanctions, and large fines that observers anticipate will mirror the actions taken against Upbit’s operator, Dunamu.
- Regulators are not expected to finalize all cases this year, with decisions projected to roll out into the first half of 2026 and total fines across platforms potentially reaching hundreds of billions of won.
- Authorities have also tightened market access by blocking at least 14 unregistered foreign platforms, including KuCoin, alongside separate moves like a temporary suspension of crypto lending and a delayed crypto tax start date.