TechFlow news, on July 17, South Korean Democratic Party lawmaker Min Byeong-deok stated that virtual asset exchange Upbit should face a maximum fine of 183 trillion won for large-scale violations of customer identification regulations (KYC) and other rules. The Financial Intelligence Unit (FIU) investigation found approximately 9.57 million legal violations by Upbit, including 9.34 million KYC breaches, particularly continuing to use old images when re-verification of identity was required. Although the FIU has already imposed a three-month partial business suspension on Upbit and disciplinary actions against 10 individuals, the fine amount has not yet been decided. Lawmaker Min criticized this as reflecting insufficient internal controls at the exchange and failures by the regulatory authority.
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