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Cointelegraph

South Korea probes Upbit for 600K KYC violations

South Korea's Financial Intelligence Unit (FIU) has uncovered up to 600,000 suspected violations of Know Your Customer (KYC) regulations at Upbit, the country’s largest cryptocurrency exchange. The post Upbit Faces Major Scrutiny Over KYC Violations, Potential Fines Loom appeared first on Cryptodnes.

CryptoPanic

Upbit Faces Major Scrutiny Over KYC Violations, Potential Fines Loom

Due to the alleged KYC violations, Upbit reportedly faces fines of $71,500 per case in addition to possible issues with Upbit’s business license …

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CoinStats - Hong Kong regulator takes aim at crypto firms...

South Korea’s Financial Intelligence Unit reportedly found 500,000 to 600,000 potential KYC violations on Upbit, the largest crypto exchange in the nation. KYC violations of this scale could lead to fines and possible license renewal issues. According to a report…

http://coinprofitnews.com

Upbit license renewal on hold after authorities uncover 500k suspected KYC violations

The South Korean government has uncovered significant Know-Your-Customer (KYC) violations on Upbit, the country’s largest cryptocurrency exchange. On Nov. 14, local media reports indicated that the Financial Intelligence Unit (FIU) of the Financial Services Commission identified these issues during a routine business license renewal review for Upbit. The regulator has found between 500,000 and 600,000 potential KYC violations on the exchange so …

CryptoSlate

South Korea investigates Upbit's KYC violations amid market dominance concerns

South Korea probes crypto exchange Upbit for KYC violations Anonymous Fri, 11/15/2024

Bitcoin Insider

South Korea probes crypto exchange Upbit for KYC violations

The South Korean government has uncovered significant Know-Your-Customer (KYC) violations on Upbit, the country’s largest cryptocurrency exchange. On Nov. 14, local media reports indicated that the Financial Intelligence Unit (FIU) of the Financial Services Commission identified these issues during a routine business license renewal review for Upbit. The regulator has found between 500,000 and 600,000…

Crypto Digital Currency News ©

South Korea investigates Upbit’s KYC violations amid market dominance concerns

South Korea’s premier cryptocurrency trading platform, Upbit, is currently under scrutiny by regulatory authorities for lapses in their Know Your Customer (KYC) protocols as part of its license renewal proceedings. The Financial Intelligence Unit (FIU) has identified over half a million instances where Upbit failed to adequately verify customer identities. This discovery has sparked concerns over the potential for money laundering activities and…

CryptoInfonet

Investigation Into South Korea's Upbit Exchange For Potential KYC Infractions: A Comprehensive Overview - CryptoInfoNet

Upbit is under investigation by the Financial Services Commission (FSC) of South Korea over lapses in know-your-customer (KYC) procedures for at least 500,000 to 600,000 accounts. The violations, discovered during a license renewal review, included accounts opened with blurred ID cards and incomplete verification, according to a report from Maeil Business Newspaper. The violations could result in fines of up to 100 million won ($71,740) and pote…

South Korea probes Upbit for 600K KYC violations

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