CandleFocus Upbit Scrutinizes KYC Violations in South Korea
2024-11-15
Author: Content Editor
Upbit, the leading cryptocurrency exchange in South Korea, is currently being investigated for serious breaches in customer identification protocols. The country's Financial Intelligence Unit (FIU) found over 500,000 improper identification submissions during its inquiry, raising concerns about money laundering and illicit activities. The exchange had inadequately executed its KYC processes, approving accounts with questionable documents. Upbit could face significant fines, up to 1 billion Korean won for each violation, and the investigation may hinder the renewal of its license. The outcome of the investigation will have a profound impact on Upbit and the cryptocurrency market in South Korea.
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