Official announcements from South Korean regulatory bodies or Upbit press releases

South Korea Probes Upbit for 600,000 KYC Violations Involving Blurred IDs, Potential $71,500 Fines

Nov 15, 2024, 10:01 AM

South Korean authorities have launched an investigation into Upbit, the country's largest cryptocurrency exchange, over suspected large-scale violations of Know Your Customer (KYC) regulations discovered during the company's business license renewal process. The government found that Upbit allegedly accepted blurred identification documents, resulting in approximately 500,000 to 600,000 potentially unrecognizable KYC records. These violations may be linked to money laundering or other illegal activities. Upbit could face fines of up to $71,500 per case and potential issues with the renewal of its business license.