Upbit Under Investigation for Breaching KYC Regulations

Major South Korean cryptocurrency exchange Upbit is under scrutiny for alleged significant breaches of Know Your Customer (KYC) regulations as it seeks to renew its local license. The Financial Intelligence Unit (FIU) of South Korea’s Financial Services Commission (FSC) reportedly uncovered 500,000 to 600,000 potential KYC violations during its review, according to a Nov. 14 report by Maeil Business Newspaper (MK). These findings could potentially impact Upbit’s operations and its ability to renew its business license. Upbit Allegedly Accepted Blurred IDs for KYC Cryptocurrency exchanges in South Korea are legally required to maintain strict KYC and Anti-Money Laundering (AML) procedures.