Court records or official statements from South Korean legal authorities

South Korea Investigates Upbit for 600K KYC Violations Involving Blurred IDs, Potential Fines of $71.5K Each

Nov 15, 2024, 09:21 AM

The South Korean government has launched an investigation into Upbit, the country's largest cryptocurrency exchange, over approximately 600,000 violations of Know Your Customer (KYC) regulations. The violations reportedly involve the acceptance of blurred identification documents, raising concerns about potential money laundering and other criminal activities. Each violation could result in fines of up to $71,500, which could significantly impact Upbit if the allegations are substantiated. The investigation highlights ongoing scrutiny of cryptocurrency exchanges in South Korea amid increasing regulatory pressures.