South Korea's top crypto exchange, Upbit, is under scrutiny by financial authorities for suspected breaches of Know-Your-Client (KYC) rules. The investigation coincides with the exchange's license renewal and a possible probe for anti-monopoly practices. The Financial Intelligence Unit (FIU) of South Korea's Financial Services Commission (FSC) is looking into Upbit for potential KYC infractions. Reports suggest that Upbit may have neglected proper customer identification procedures during its license renewal, with 500,000 to 600,000 cases of inadequate KYC compliance found. Upbit's failure to conduct thorough KYC checks could lead to fines of up to $71,000 per case. Additionally, concerns about Upbit's market dominance have prompted discussions of a separate investigation into its monopoly structure. The exchange's license renewal process has been delayed due to the ongoing investigations, raising questions within the financial community. Read more AI-generated news on: https://app.chaingpt.org/news