Upbit Cripto Exchange faces sanctions in South Korea

South Korea Financial Service Commission will soon adopt a decision on the sanctions against the Upbit, the largest curvature in the country, the following checks in the verifications of customer identity.

Upbit Cripto Exchange, which controls more than 70% of the local crypto market, is considered a violation of the obligations of critical to prevent money laundering. Through a violation of 700,000 rules, it was discovered during reconsideration of the renovation of its business license, toward to Korea.

This breach It can lead to fines in the total billion shillings, with penalties to $ 68,600 for each misdemeanor within a special action on special actions of financial transactions in the country.

Kim Bioung-Hvan, the FSC Governor, emphasized the urgency of the case, stating that the conclusion is completed quickly. Speculation suggests that the upbit could face business suspensions of up to six months or a fine, with a new user registration potentially limited.

A digital asset ecosystem in South Korea has experienced significant transformation because the act of protecting users of virtual assets in July 2024. years, increasing regulatory pressure on exchanges. Upbit’s case The industry carefully observes him because it could set a precedent for stricter regulation throughout the board.

Upbit’s legal Questions Follow previous data hacking since 2017. year, which exhibited over 31,000 customer accounts and resulted in stricter rules for cryptocurnent companies operating in South Korea. The FCC decision will forward, clearly show the government’s commitment to the ecosystem of a digital asset that is safer and more in accordance with.