Upbit crypto exchange receives suspension notice in South Korea
Summary
Upbit, a major South Korean cryptocurrency exchange, faces a suspension notice for alleged Know Your Customer (KYC) violations. The Financial Intelligence Unit (FIU) of South Korea's Financial Services Commission (FSC) has proposed suspending new user registrations on Upbit for six months, though existing users remain unaffected. Upbit can respond to the FIU by January 20, with a final decision expected on January 21. The FIU identified 500,000 to 600,000 KYC breaches during a business license review. Upbit, founded in 2017, trades $7.5 billion daily and is among the largest exchanges globally.
