**News Flash: Upbit Faces Major KYC Violation Allegations**

South Korea's top crypto exchange, Upbit, is under scrutiny for allegedly breaching Know Your Customer (KYC) protocols. The Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) identified up to 600,000 potential violations during a review of Upbit's business license renewal. Reports suggest Upbit accepted IDs with blurred details, risking fines of $71,500 per case and impacting its license status. This comes amid an ongoing monopoly investigation linked to Upbit's ties with K-Bank, which recently withdrew its IPO due to crypto dependency concerns.