PANews reported on July 17 that Korean lawmaker Min Byung-deok stated that the cryptocurrency exchange Upbit may face a maximum fine of 183 trillion Korean won for KYC violations, and based on domestic bank cases, the fine could range between 45 trillion and 95 trillion Korean won.
According to an investigation by the Financial Intelligence Unit (FIU), Upbit has over 9.57 million violations, of which approximately 9.34 million are related to customer identity verification issues. Currently, the FIU has implemented business suspension and personnel accountability, but the fine amount has not yet been determined.
