Korean exchange Upbit under regulatory pressure! 🚨🪙
What happened?
One of the largest cryptocurrency exchanges in Korea, Upbit, known for its sharp coin pumps after listing, risks suspending its operations for a whole 6 months! 😱
Reasons:
🔍 AML violation: the exchange is suspected of failing to comply with anti-money laundering regulations.
👤 KYC issues: regulators point to over 700,000 potential violations in customer verification.
This could be a serious blow to the crypto community, as a huge volume of trading goes through Upbit! 📊
📉 What does this mean for the market?
If the exchange is suspended, the liquidity of some altcoins may drop, and the market itself will feel the strain. However, this is also a signal to strengthen control over the crypto industry to keep it transparent and safe.
What do you think, should exchanges tighten their rules to avoid such problems? 🤔