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South Korea probes @Official_Upbit for 600K KYC violations Due to the alleged KYC violations, Upbit reportedly faces fines of $71,500 per case in addition to possible issues with its business license renewal. https://t.co/7s6uNENDAK https://t.co/p7PrMP2lqK
South Korea probes Upbit for 600K KYC violations Due to the alleged KYC violations, Upbit reportedly faces fines of $71,500 per case in addition to possible issues with its business license renewal. https://t.co/7s6uNENDAK https://t.co/eKT5J2MHhC
[https://t.co/9TzUX0PoAe] South Korean government finds suspected large-scale KYC violations at Upbit, with 500,000 to 600,000 records potentially linked to money laundering
South Korean authorities have launched an investigation into Upbit, the country's largest cryptocurrency exchange, over suspected large-scale violations of Know Your Customer (KYC) regulations discovered during the company's business license renewal process. The government found that Upbit allegedly accepted blurred identification documents, resulting in approximately 500,000 to 600,000 potentially unrecognizable KYC records. These violations may be linked to money laundering or other illegal activities. Upbit could face fines of up to $71,500 per case and potential issues with the renewal of its business license.
