South Korea's largest cryptocurrency exchange, Upbit, is struggling with a major crisis.

15.11.2024 18:01

South Korea's financial regulator, the FSC, has detected a Know Your Customer (KYC) violation involving more than 500,000 customers at the country's largest cryptocurrency exchange, Upbit. Among the irregularities revealed during the license renewal review is the allowance of account openings with blurred identification cards. The exchange, which reached a trading volume of $48.2 billion in October, may face a fine of up to $71,740 and the potential revocation of its license.

According to a report from a local source during the day, the FSC's investigation has identified at least 500,000 to 600,000 KYC violations. This development, which has shocked the financial world, could reshape the future of the South Korean cryptocurrency market.

FINES AND LICENSE CANCELLATION ON THE HORIZON

According to CoinMarketCap data, Upbit, which is the world's fifth-largest spot exchange, recorded a trading volume of $7.7 billion in the last 24 hours. The FSC's review revealed serious deficiencies in the exchange's customer identity verification processes.

This development, which follows FSC Chairman Kim Byung-hwan's announcement last month that he would investigate the monopolization trend in the South Korean cryptocurrency exchange market, could jeopardize Upbit's position.

In October, Upbit conducted $48.2 billion in cryptocurrency transactions. FSC officials preferred not to provide further details about the ongoing investigation.

South Korea's largest cryptocurrency exchange, Upbit, is struggling with a major crisis.

FINES AND LICENSE CANCELLATION ON THE HORIZON

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