South Korea's largest cryptocurrency exchange, Upbit, is facing potential business suspension and hefty fines for alleged violations of Know Your Customer (KYC) procedures. The Financial Intelligence Unit (FIU) found that Upbit did not meet the necessary levels of customer identification, with blurred or unrecognizable ID documents being a major concern. If confirmed, the suspension could halt new user registrations for six months, posing risks for Upbit and its banking partner, K-Bank. The FIU is also investigating Upbit for potential monopolistic practices and its relationship with other financial organizations. This case highlights the increasing regulatory scrutiny and the need for improved compliance in the cryptocurrency industry.



Other News from Today