South Korean lawmakers say Upbit could face fines of up to 183 trillion won for KYC violations

On July 17, South Korean lawmaker Min Byung-deok said that the cryptocurrency exchange Upbit may face a fine of up to 183 trillion won for KYC violations and other violations. Based on domestic banking cases, the fine amount may be between 45 trillion and 95 trillion won. According to the Financial Information Analysis Unit (FIU), Upbit has more than 9.57 million violations, of which about 9.34 million involved customer identity verification issues. Currently, the FIU has implemented business suspension and personnel accountability, but the amount of the fine has not yet been determined. [PANews]