Upbit may face sanctions in South Korea for violating KYC and AML requirements. 700,000 cases have been discovered where the platform failed to follow client identification procedures, which could lead to a suspension of new user registrations. In addition, Upbit is suspected of violating anti-money laundering laws due to unaccounted transactions with foreign cryptocurrency platforms. If sanctions come into effect, the platform’s user growth will be limited.
1/17/2025 11:17:03 AM (GMT+1)
Upbit risks facing sanctions in South Korea due to 700,000 KYC and AML violations: potential suspension of new user registrations and investigation of international transactions ⚖️
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This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.
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