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BitcoinSistemi 2025-01-16 14:43:08

South Korea's Largest Cryptocurrency Exchange Accused of Money Laundering Allegations! Here Are the Details

South Korea’s largest cryptocurrency exchange, Upbit, has been penalized by the country’s Financial Intelligence Unit (FIU) for alleged anti-money laundering (AML) violations. South Korea’s Upbit Faces Shutdown Over Alleged AML Violations The penalty includes the potential suspension of business operations for up to six months, specifically affecting Upbit's ability to accept new customers. The FIU, which operates under South Korea’s primary financial regulator, found Upbit had around 700,000 suspected violations of its know-your-customer (KYC) obligations. These findings stemmed from on-site inspections conducted after Upbit applied to renew its operating license in August 2024. The main problems identified are: Serving overseas investors, despite South Korea's regulations restricting domestic exchanges to verified South Korean citizens. Failing to comply with the strict requirements set forth in the Reporting and Use of Certain Financial Information Act. Violations under this law can result in fines of up to 100 million Korean won ($68,596) per incident. Potential Impact If the fine is upheld, Upbit could face significant restrictions, including a ban on accepting new customers. This would be a major setback for the exchange, which dominates around 70% of the South Korean crypto market. Upbit’s dominance extends beyond South Korea. In December 2024, the exchange was the third-largest centralized exchange globally, with monthly trading volumes exceeding $283 billion. However, its operating licence, which expires in October 2024, is still under review, raising concerns about its compliance with local regulations. Upbit and FIU have not yet made a public statement. Further updates are expected as the situation unfolds. *This is not investment advice. Continue Reading: South Korea's Largest Cryptocurrency Exchange Accused of Money Laundering Allegations! Here Are the Details

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