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[Exclusive] Geumwoom authorities impose business suspension on Upbit
Entered 2025.01.16 5.28 PM Modified 2025.01.16 6.20 PM
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Reporter Chae Jong-won
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gaga
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Financial authorities have accused Upbit, Korea’s No. 1 virtual asset exchange, of money laundering, including violation of the Know Your Customer (KYC) system.
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Notified of suspension of business due to non-compliance with duty.
According to Geumwoong Securities on the 16th, Geumwoong Committee Geumwoong Intelligence Unit (FIU) registered a specific Geumwoong transaction record on Upbit on the 9th.
Provide advance notice of sanctions, including business suspension, in relation to violations of the National Security Act. If this disposition is confirmed, the business fee
During the period of business suspension (up to 6 months), business related to new customers will be restricted. Existing subscribers
The transaction is maintained due to the upbeat. Based on trading volume, Upbit accounts for 70% of the domestic virtual asset trading market6.
It is occupied.
https://n.news.naver.com/mnews/article/009/0005430239
Upbit business suspension…;;
If you go to the full article, it is said that 700,000 cases of KYC violations were discovered as a result of the Financial Services Commission’s investigation.
Due to risks such as suspicion of money laundering or terrorist financing, the legally established customer verification system was violated.
First of all, it seems that the business has been suspended for 6 months and the fine has not yet been set, but looking at previous cases, a fine of up to 100 million won per case was collected.
Maybe they really won’t hit 100 million for 700,000 violations… but then it’s 70 trillion; Even if the fine is reduced by 1/100, it is 700 billion.
Since it is the largest exchange in Korea, there will be many people using Upbit, so please be careful…..