South Korea is investigating Upbit for 600,000 potential KYC violations

#Upbit is reportedly under suspicion for major breaches of Know Your Customer (KYC) procedures during its local license renewal process. South Korea’s Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) has identified between 500,000 and 600,000 potential KYC violations by the Upbit exchange. Upbit is facing fines of $71,500 per alleged KYC violation, along with potential complications regarding the renewal of its business license.

👉 cointelegraph.com/news/upbit-kyc-violations-license-renewal-south-korea