Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 12837
Markets: 99741
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Market Cap
24h Vol
12837
Cryptocurrencies
60.66%
Bitcoin Share
crypto.news 2025-02-18 07:23:08

Upbit’s 700,000 rule violations could cost billions in fines under South Korea’s crackdown

Upbit’s 700,000 rule violations could cost billions in fines under South Korea’s crackdown

South Korea’s Financial Services Commission will soon make a decision on sanctions against Upbit, the country’s largest cryptocurrency exchange, following lapses in customer identity verifications. Upbit crypto exchange, which controls more than 70% of the local crypto market, has been found in violation of obligations critical to preventing money laundering. Over 700,000 rule violations were discovered during a review of its business license renewal, according to The Korea Times . These violations could lead to fines totaling billions of shillings, with penalties of up to $68,600 for each breach under the country’s Special Financial Transactions Act. Kim Byoung-hwan, FSC governor, emphasized the urgency of the case, stating that a conclusion would be reached swiftly. Speculation suggests that Upbit could face a business suspension of up to six months or a fine, with new user registration potentially restricted. You might also like: South Korea’s Upbit launches AI agent token VIRTUAL The digital asset ecosystem in South Korea has seen significant transformation since the Virtual Asset User Protection Act was enacted in July 2024, increasing regulatory pressure on exchanges. Upbit’s case is being closely watched by the industry because it could set a precedent for more stringent regulation across the board. Upbit’s legal issues follow a previous 2017 Bithumb data hack, which exposed over 31,000 user accounts and resulted in stricter rules for cryptocurrency companies operating in South Korea. Going forward, the FSC’s decision will clearly demonstrate the government’s dedication to a digital asset ecosystem that is safer and more compliant. Read more: Bybit unveils Listing Billboard to enhance token project transparency

Most Read News



Cryptohopper
Market Cap
24h Vol
60.66%
Bitcoin Share
515
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.