đ°đ· South Korean exchange Upbit faces a potential record-breaking fine!
The countryâs largest crypto platform is accused of violating KYC procedures for 600,000 users. Regulators warn that each verification mistake could lead to a $71,666 penalty. The total fine may reach a staggering $43 billion, and the exchange is also at risk of losing its operational license.
This situation highlights the importance of proper KYC compliance. For instance, platforms like WhiteBIT and Coinbase strictly adhere to KYC regulations, ensuring safety and transparency for their users.
KYC issues not only bring massive financial risks but also damage trust in the platforms. Regulators worldwide are increasing scrutiny, and compliance with standards is becoming essential for staying competitive.
Choosing a trading platform isnât just about convenienceâitâs about security. Keep that in mind before making your next deposit.