Close Menu
Cryprovideos
    What's Hot

    Europe’s Time Is Now (for Stablecoins)

    June 28, 2025

    Crypto Market Volatility Returns—Ozak AI Stands Out With 400% Progress

    June 28, 2025

    Why Bitcoin Surpassing Google is Crypto’s Poetic Justice

    June 28, 2025
    Facebook X (Twitter) Instagram
    Cryprovideos
    • Home
    • Crypto News
    • Bitcoin
    • Altcoins
    • Markets
    Cryprovideos
    Home»Crypto News»Crypto Alternate Upbit Faces Probe Over 600K KYC Violations
    Crypto Alternate Upbit Faces Probe Over 600K KYC Violations
    Crypto News

    Crypto Alternate Upbit Faces Probe Over 600K KYC Violations

    By Crypto EditorNovember 16, 2024No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Upbit, the main crypto alternate in South Korea, is being investigated by the nation’s monetary authorities over an alleged violation of Know-Your-Shopper (KYC) procedures. The probe comes amid the alternate’s license renewal course of and a possible investigation for “anti-monopoly breaches.”

    Crypto Alternate Faces Probe For Potential KYC Violations

    In line with native studies, South Korea’s Monetary Intelligence Unit (FIU) of the Monetary Companies Fee (FSC) has began investigating crypto alternate Upbit for potential violations of KYC necessities.

    Maeil Enterprise Newspaper revealed that the monetary authorities recognized large-scale instances suspected of violating buyer identification procedures whereas reviewing the crypto alternate’s license renewal course of. Underneath the Particular Cash Act, digital asset service suppliers (VASPs) should renew their licenses each three years.

    The FIU discovered between 500,000 and 600,000 instances the place the KYC course of was not correctly adopted. Seemingly, the crypto alternate opened 1000’s of accounts for customers with out the correct verification.

    In South Korea, VASPs should adjust to anti-money laundering (AML) and Combating the Financing of Terrorism (CFT) necessities. To realize this, customers are required to finish the KYC identification course of when creating an account on crypto platforms.

    Clients should use submit IDs to validate their identification, which undergoes a verification course of by the crypto alternate. Nonetheless, the Korean authority discovered that Upbit doubtlessly broke AML and CFT necessities by failing to conduct the KYC course of correctly.

    The FIU situated 1000’s of instances the place accounts had been opened with out the correct verification, because the ID image submitted was ineligible. The monetary authority is re-examining the potential violations on a case-to-case foundation to evaluate whether or not they break the regulation or have been used for cash laundering or crypto-related crimes.

    Just lately, the Delhi police arrested a suspect linked to the $235 million hack of Indian alternate WazirX. The suspect allegedly bought an account created with a faux identify to the person who ultimately carried out the crypto heist.

    Upbit’s License Renewal Might Be Delayed

    It’s value noting that Upbit’s license renewal course of, which began in August, has raised questions among the many monetary neighborhood for its extended timeline. The report highlights that the method has been affected by the intensive investigation.

    The FIU has to find out how lots of the 600,000 potential KYC violations are right. Nonetheless, the crypto alternate may face fines of as much as 100 million gained per case, value round $71,000, and Upbit’s license renewal could possibly be additional delayed if the reviewing course of extends.

    Furthermore, the crypto alternate may face one other probe amid its renewal course of. Final month, an area information media outlet reported that the Monetary Companies Commissioner Kim Byung-hwan introduced a possible investigation into the alternate’s “monopoly construction.”

    Kim responded to lawmaker Lee Kang-il’s considerations throughout an audit by the South Korean parliament, stating that the monetary regulator was conscious of Upbit’s potential market monopoly and assuring it will examine the problem and its partnership with Okay-Financial institution.

    Crypto Alternate Upbit Faces Probe Over 600K KYC Violations

    Whole crypto market capitalization is at $2.92 trillion within the weekly chart. Supply: TOTAL on TradingView

    Featured Picture from Unsplash.com, Chart from TradingView.com



    Supply hyperlink

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Crypto Market Volatility Returns—Ozak AI Stands Out With 400% Progress

    June 28, 2025

    Why Bitcoin Surpassing Google is Crypto’s Poetic Justice

    June 28, 2025

    What Are the Most Talked-About Phrases in Crypto At this time?  – CryptoDnes EN

    June 28, 2025

    BTC Bull Token Presale Ends in Underneath 72 Hours – Subsequent 100x Crypto?

    June 28, 2025
    Latest Posts

    Why Bitcoin Surpassing Google is Crypto’s Poetic Justice

    June 28, 2025

    BTC Bull Token Presale Ends in Underneath 72 Hours – Subsequent 100x Crypto?

    June 28, 2025

    ‘Make No Mistake’: XRP Is Bitcoin’s Largest Rival, Says Pundit

    June 28, 2025

    Dealer Says Bitcoin in a Transitional Interval, Predicts BTC May See A number of Weeks of Upside if This Occurs – The Day by day Hodl

    June 28, 2025

    Robinhood expands crypto choices with micro futures for XRP, Solana, and Bitcoin

    June 28, 2025

    BTC Bull Token Surges as Trump Slams Biden-Period Debanking

    June 28, 2025

    Trump Punts on Crypto Divestment, Says If US Didn't Have Bitcoin 'China Would' – Decrypt

    June 28, 2025

    'Wealthy Dad Poor Dad' Writer Says This Asset Will Explode in July – Not Bitcoin

    June 28, 2025

    CryptoVideos.net is your premier destination for all things cryptocurrency. Our platform provides the latest updates in crypto news, expert price analysis, and valuable insights from top crypto influencers to keep you informed and ahead in the fast-paced world of digital assets. Whether you’re an experienced trader, investor, or just starting in the crypto space, our comprehensive collection of videos and articles covers trending topics, market forecasts, blockchain technology, and more. We aim to simplify complex market movements and provide a trustworthy, user-friendly resource for anyone looking to deepen their understanding of the crypto industry. Stay tuned to CryptoVideos.net to make informed decisions and keep up with emerging trends in the world of cryptocurrency.

    Top Insights

    Polkadot Value Forecast: DOT’s Bullish Tendencies Return, Why This Crypto Token’s 16,000% Beneficial properties Could Eclipse It | Bitcoinist.com

    November 15, 2024

    Crypto Kidnapping Kingpin Caught in Morocco for France

    June 6, 2025

    Analyst Says Crypto Whales Loading Up on Ethereum, Accumulating $815,514,345 in ETH in Simply 5 Days – The Every day Hodl

    March 17, 2025

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    • Home
    • Privacy Policy
    • Contact us
    © 2025 CryptoVideos. Designed by MAXBIT.

    Type above and press Enter to search. Press Esc to cancel.