Upbit faces sanctions for not meeting KYC and AML requirements in South Korea. 700,000 KYC violations found, risking a suspension of new customer sign-ups. Upbit’s unreported foreign operations are also under investigation for regulatory breaches. South Korea’s Financial Services Commission (FSC) issued a warning to Upbit about potential sanctions. These sanctions could prevent Upbit from adding new customers. The notice, sent on January 9th, stems from violations of know-your-customer (KYC) and anti-money laundering (AML) rules. Upbit, which controls over 70% of the South Korean crypto market, may face restrictions that could affect its business. KYC Violations Trigger Regulatory Action This warning from the FSC’s Financial Intelligence Unit (FIU) is part of a larger effort to address non-compliant crypto platforms in South Korea. The FIU says Upbit failed to follow KYC procedures. These procedures are crucial for verifying customer identities and preventing illegal activities like money laundering. Related: Upbit Faces Regulatory Hurdles in South Korea Over KYC A report from the Financial Services Commission found 700,000 instances where Upbit d… The post Upbit’s Blockchain Defenses Fail as South Korea Flags Foreign Deals appeared first on Coin Edition .
