South Korea’s Upbit Faces Probe Over 500,000 KYC Violations

Largest Crypto Exchange in South Korea Under Scrutiny

South Korea’s financial watchdog has accused Upbit, the nation’s largest crypto exchange, of violating KYC rules in over 500,000 cases. The violations, including accounts created with blurred IDs or improper verification, could result in fines and jeopardize Upbit’s license renewal.

Massive Trading Volume Amid Regulatory Concerns

Despite the allegations, Upbit remains a dominant player in South Korea’s crypto market, handling over $48.2 billion in transactions in October alone. However, regulatory scrutiny has raised questions about the monopolistic nature of South Korea’s crypto exchange market.

Fines and Market Impact

Fines for KYC violations could amount to 100 million won ($71,740). This investigation underscores South Korea’s commitment to enforcing compliance in a rapidly growing crypto ecosystem.