South Korean lawmakers call for hefty fines against Upbit

According to a report by Golden Finance, South Korean Democratic Party member Min Byeong-deok stated on the 17th that the virtual asset exchange Upbit should be fined a maximum of 183 trillion won for large-scale violations of customer identification systems (KYC) and other regulations. The Financial Intelligence Unit (FIU) found approximately 9.57 million legal violations by Upbit, including 9.34 million KYC violations, particularly the continued use of old images when re-verifying identity was required. Although the FIU has imposed a 3-month partial business suspension on Upbit and disciplinary actions against 10 personnel, the amount of the fine has not yet been decided. Member Min criticized this as a reflection of insufficient internal control within the exchange and negligence by regulatory agencies.