On July 17, PANews reported that South Korean lawmaker Min Byung-deok stated that the cryptocurrency exchange Upbit could face fines of up to 183 trillion won due to KYC violations and other actions. Based on domestic bank cases, the fine amount could range between 45 trillion and 95 trillion won.
According to an investigation by the Financial Information Analysis Institute (FIU), Upbit has committed over 9.57 million violations, of which about 9.34 million involved customer identity verification issues. Currently, the FIU has implemented business suspensions and personnel accountability, but the amount of the fine has not yet been determined.
