CoinVoice has recently learned that the Seoul Central District Court of South Korea has ruled to cancel the Financial Intelligence Unit's (FIU) fine of 1.9942 billion KRW (approximately 1.42 million USD) imposed on the virtual asset exchange Hanbitco for KYC violations. The court found that the FIU failed to provide evidence proving that 197 customers met the 'aggravated conditions' of the Specific Financial Transaction Information Act, nor did it conduct related investigations. The so-called 'aggravated conditions' refer to suspicious customer identities, potential concealment of actual ownership, risks of money laundering activities, or financing terrorism.
This ruling may affect the FIU's review of KYC violations by other exchanges, including the recent investigation into 700,000 violations against Upbit. [Original link]