South Korea's largest cryptocurrency exchange, Upbit, is facing a disciplinary hearing by the Financial Intelligence Unit (FIU) over alleged violations of Know Your Customer (KYC) regulations. The FIU found around 500,000 to 600,000 cases of suspected KYC violations during its inspection of Upbit. The fines and measures against Upbit executives and employees will depend on the exchange's explanation. Additionally, South Korea plans to tighten regulations on cryptocurrency trading by requiring information disclosures for listed virtual assets and reserve assets for riskier stablecoins. These measures aim to align the country's rules with global standards and enhance investor protection.



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