“South Korea’s FSC Financial Intelligence Unit has identified at least 500,000-600,000 potential KYC violations on the Upbit exchange. Mail Business writes about it. In particular, Upbit allegedly allowed users to open accounts using identifiers with blurred personal data such as names and registration numbers. The platform faces fines of KRW 100 million ($71,500) for each case, as well as problems with renewing its license. Information about potential claims against Upbit […]”, — write: businessua.com.ua
Financial Intelligence Unit FSC South Korea discovered at least 500,000-600,000 potential breaches KYC-procedure on the Upbit exchange. Mail Business writes about it.
In particular, Upbit allegedly allowed users to open accounts using identifiers with blurred personal data such as names and registration numbers.
The platform is threatened with fines in the amount of 100 million KRW ($71,500) per case, as well as license renewal issues.
Information about the alleged claims against Upbit appeared a month after the FSC announced plans to investigate the exchange’s activities in connection with potential violations of antitrust laws.
Previously, Kaiko analysts estimated a decline in the share of Upbit over a 12-month period in the global turnover of spot and derivative trading of cryptocurrencies. The figure fell from 6.8% to 5.8%, which caused the platform to drop from second to fourth place, behind Bybit and OKX.
We will remind you that in June 2023, the South Korean parliament passed a law on the protection of cryptocurrency users. The document introduced the concept of “digital assets” and defined liability for torts, including insider trading and unfair trading practices.
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