The Financial Commission of South Korea reviews Upbit and discovers 500000 suspected cases of KYC violations

According to Foresight News, the Financial Information Analysis Unit (FIU) of the South Korean Financial Commission discovered at least 500000 suspected cases of violating customer identity verification (KYC) obligations during the review process of the operator updates of the virtual asset exchange Upbit. FIU is currently reviewing the illegality of each of these cases. The violations discovered in this review include some accounts registered with vague identity documents, which may be used for money laundering or other illegal activities. According to the Specific Financial Transaction Information Act, virtual asset exchanges are required to update their licenses every three years, and violations may face fines of up to 100 million Korean won.