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.
Major South Korean cryptocurrency exchange Upbit is reportedly suspected of massive breaches in Know Your Customer (KYC) procedures amid its local license renewal.
South Korea’s Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) has identified at least 500,000 to 600,000 potential KYC violations on the Upbit exchange, local news agency Maeil Business Newspaper (MK) reported on Nov. 14.
The authority reportedly spotted alleged customer verification breaches while reviewing the renewal of Upbit’s business license, potentially affecting the exchange’s operations.
