Foreign media: Upbit has more than 500,000 KYC violations, and the fine may reach 34.3 billion US dollars

Odaily Planet Daily News South Korean authorities found that Upbit had at least 500,000 to 600,000 KYC violations. According to South Korea's Special Financial Transactions Act, the fine for violating KYC regulations can be up to 100 million won (about $68,600) each time. Based on this data, these violations may expose it to a fine of $34.3 billion. In addition, the Special Financial Transactions Act stipulates that local cryptocurrency companies are not allowed to trade with unregistered cryptocurrency service providers. South Korean media Naver reported that Upbit also violated this provision when doing business with unregistered crypto service operators. (Cointelegraph) Earlier, Dunamu, the operating company of South Korean crypto exchange Upbit, officially responded to recent reports that the platform may be subject to suspension of business penalties by the Financial Intelligence Analysis Unit (FIU) under the Financial Services Supervisory Service (FSS) of South Korea. Dunamu said that the financial regulator's penalty plan has not yet been finalized and will clarify the issues raised through subsequent processes including the Sanctions Review Committee. At the same time, Dunamu also emphasized that even if the penalty is finally implemented, it will not affect the cryptocurrency trading services for existing and new users. The penalty will only limit new users from transferring virtual assets from the Upbit platform within a specific time.