CoinWorld News reports that on July 17, South Korean lawmaker Min Byung-deok stated that the cryptocurrency exchange Upbit may face fines of up to 183 trillion won due to KYC violations and other infractions. Based on domestic banking industry cases, the fine amount could range between 45 trillion and 95 trillion won. According to data from the Financial Intelligence Unit (FIU), Upbit has over 9.57 million violations, of which approximately 9.34 million involve customer identity verification issues. Currently, the FIU has implemented a business suspension and personnel accountability, but the fine amount has not yet been determined. [CoinWorld News]