Saturday, August 23, 2025
No Result
View All Result
Coin Digest Daily
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • Metaverse
  • Web3
  • DeFi
  • Analysis
  • Scam Alert
  • Regulations
Marketcap
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • Metaverse
  • Web3
  • DeFi
  • Analysis
  • Scam Alert
  • Regulations
No Result
View All Result
Coin Digest Daily
No Result
View All Result

South Korea’s Crypto Exchange Upbit Faces Suspension Over KYC Violations

17 January 2025
in Crypto Updates
Reading Time: 2 mins read
0 0
A A
0
Home Crypto Updates
Share on FacebookShare on Twitter


South Korea’s high cryptocurrency alternate, Upbit, is
dealing with a regulatory storm. Accused of breaching Know Your Buyer (KYC)
obligations, the platform faces a suspension that might bar it from registering
new customers for six months.

In keeping with native media publication Naver, The
Monetary Intelligence Unit (FIU), a part of South Korea’s Monetary Companies
Fee, issued the suspension discover following a assessment of Upbit’s enterprise
license renewal.

FIU Cracks Down on KYC Failures

In keeping with the report, the regulator found
between 500,000 and 700,000 cases of improper KYC verification. This
revelation may reportedly end in fines totaling $34.3 billion, with
penalties of as much as $68,600 per violation beneath the nation’s Particular Monetary
Transactions Act.

Moreover, authorities allege that Upbit violated
legal guidelines proscribing transactions with unregistered overseas crypto service
suppliers. An FIU spokesperson acknowledged the enforcement motion highlights a
dedication to restoring order and equity within the cryptocurrency house.

.@Official_Upbit may face sanctions in South Korea for not complying with nation’s cash laundering and KYC obligations, in accordance with a report. By @camomileshumba.https://t.co/Q8jws6Nz7U

— CoinDesk (@CoinDesk) January 16, 2025

Whereas the proposed sanctions would solely restrict new person
registrations, the reputational and monetary fallout might be far-reaching.
Upbit, which controls over 70% of South Korea’s crypto buying and selling quantity, reported
every day trades exceeding $7 billion in 2024, in accordance with CoinGecko knowledge.

With its enterprise license renewal nonetheless beneath assessment,
the timing of those penalties may complicate its potential to function easily
sooner or later. The FIU will reportedly finalize its choice on January 21,
following Upbit’s alternative to current its case by January 20.

This disciplinary motion indicators a broader regulatory
push to strengthen anti-money laundering and counter-terrorism financing measures within the cryptocurrency house.

Tightening Rules

The Digital Asset Consumer Safety Act, applied in
July 2024, has already reshaped the compliance panorama, forcing exchanges to
navigate stricter necessities.

The digital asset market is carefully monitoring the
scenario, with fears that Upbit’s case could set a precedent for harsher
enforcement throughout the trade. The controversy adopted the 2017 knowledge breach at
Bithumb, one other main South Korean alternate, which uncovered 31,000 person
accounts.

South Korea’s regulators have since tightened their
grip on crypto companies, as seen on this high-profile motion in opposition to Upbit. The trade now awaits the FIU’s ultimate ruling, which
will decide Upbit’s destiny and the regulatory trajectory for South Korea’s
crypto sector.

This text was written by Jared Kirui at www.financemagnates.com.



Source link

Tags: CryptoExchangeFacesKoreasKYCSouthSuspensionUpbitviolations
Previous Post

3 Meme Coins Under $100M That Could Bring Better Returns Than Dogecoin And Shiba Inu | Bitcoinist.com

Next Post

Jio Partners with Polygon Labs to Bring Web3 Innovations to 450M Indian Users – Crypto-News.net

Related Posts

Federal Judge Unfreezes $58M in Libra-Linked Funds – Legal Bitcoin News
Crypto Updates

Federal Judge Unfreezes $58M in Libra-Linked Funds – Legal Bitcoin News

23 August 2025
Coinbase’s US Training & Citizenship Rule To Thwart North Korean Threat | Bitcoinist.com
Crypto Updates

Coinbase’s US Training & Citizenship Rule To Thwart North Korean Threat | Bitcoinist.com

23 August 2025
Bitcoin Jumps 4% as Fed Chair Jerome Powell Signals Possible Rate Cuts
Crypto Updates

Bitcoin Jumps 4% as Fed Chair Jerome Powell Signals Possible Rate Cuts

23 August 2025
Kanye West’s YZY Solana Meme Coin Decline Shows Risks of Hype-Driven Tokens, Analysts Warn
Crypto Updates

Kanye West’s YZY Solana Meme Coin Decline Shows Risks of Hype-Driven Tokens, Analysts Warn

23 August 2025
Interpol Busts 1,200 Cybercriminals in Global Crypto Raid
Crypto Updates

Interpol Busts 1,200 Cybercriminals in Global Crypto Raid

22 August 2025
Bitcoin Price Watch: Price Action Squeezed—Will the Next Break Favor Bulls or Bears? – Markets and Prices Bitcoin News
Crypto Updates

Bitcoin Price Watch: Price Action Squeezed—Will the Next Break Favor Bulls or Bears? – Markets and Prices Bitcoin News

22 August 2025
Next Post
Jio Partners with Polygon Labs to Bring Web3 Innovations to 450M Indian Users – Crypto-News.net

Jio Partners with Polygon Labs to Bring Web3 Innovations to 450M Indian Users - Crypto-News.net

Fidelity Investments Purchases $463 Million in Bitcoin Amid Growing Whale Activity

Fidelity Investments Purchases $463 Million in Bitcoin Amid Growing Whale Activity

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
FTT jumps 7% as Backpack launches platform to help FTX victims liquidate claims – CoinJournal

FTT jumps 7% as Backpack launches platform to help FTX victims liquidate claims – CoinJournal

19 July 2025
PENDLE token goes live on BeraChain and HyperEVM to expand cross-chain utility – CoinJournal

PENDLE token goes live on BeraChain and HyperEVM to expand cross-chain utility – CoinJournal

30 July 2025
A Russian Hacking Group Is Using Fake Versions of MetaMask to Steal $1M in Crypto – Decrypt

A Russian Hacking Group Is Using Fake Versions of MetaMask to Steal $1M in Crypto – Decrypt

10 August 2025
Ethereum Reclaims $4,600 With Unprecedented $1 Billion In Spot ETF Inflow

Ethereum Reclaims $4,600 With Unprecedented $1 Billion In Spot ETF Inflow

13 August 2025
XRP Price Blasts Higher by 10%, Bulls Eye Even Bigger Gains

XRP Price Blasts Higher by 10%, Bulls Eye Even Bigger Gains

8 August 2025
PEPE Gears Up For 120% Move As Indicators Point To An End Of Decline | Bitcoinist.com

PEPE Gears Up For 120% Move As Indicators Point To An End Of Decline | Bitcoinist.com

8 August 2025
Analyst Predicts What Will Happen When XRP Price Hits $4, $10, $100, And $1,000

Analyst Predicts What Will Happen When XRP Price Hits $4, $10, $100, And $1,000

23 August 2025
Here Are 4 Major XRP Developments You Might Have Missed This Week | Bitcoinist.com

Here Are 4 Major XRP Developments You Might Have Missed This Week | Bitcoinist.com

23 August 2025
Federal Judge Unfreezes $58M in Libra-Linked Funds – Legal Bitcoin News

Federal Judge Unfreezes $58M in Libra-Linked Funds – Legal Bitcoin News

23 August 2025
XRP’s Perfect Triangle Setup Predicts Sharp Bounce Above $3, What’s next?

XRP’s Perfect Triangle Setup Predicts Sharp Bounce Above $3, What’s next?

23 August 2025
Ethereum Shorts Crushed: $259M Lost as Price Nears ATH

Ethereum Shorts Crushed: $259M Lost as Price Nears ATH

23 August 2025
SEC Ramps up Crypto Outreach With New Events Built to Capture Unheard Input – Regulation Bitcoin News

SEC Ramps up Crypto Outreach With New Events Built to Capture Unheard Input – Regulation Bitcoin News

23 August 2025
Facebook Twitter Instagram Youtube RSS
Coin Digest Daily

Stay ahead in the world of cryptocurrencies with Coin Digest Daily. Your daily dose of insightful news, market trends, and expert analyses. Empowering you to make informed decisions in the ever-evolving blockchain space.

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • NFT
  • Regulations
  • Scam Alert
  • Web3

SITEMAP

  • About us
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2024 Coin Digest Daily.
Coin Digest Daily is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • Metaverse
  • Web3
  • DeFi
  • Analysis
  • Scam Alert
  • Regulations

Copyright © 2024 Coin Digest Daily.
Coin Digest Daily is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$114,945.002.48%
  • ethereumEthereum(ETH)$4,718.9710.92%
  • rippleXRP(XRP)$3.027.37%
  • tetherTether(USDT)$1.00-0.02%
  • binancecoinBNB(BNB)$891.605.15%
  • solanaSolana(SOL)$201.6112.93%
  • usd-coinUSDC(USDC)$1.000.00%
  • staked-etherLido Staked Ether(STETH)$4,705.5410.92%
  • dogecoinDogecoin(DOGE)$0.23580812.25%
  • tronTRON(TRX)$0.3630502.29%