Foreign media: Upbit has more than 500,000 KYC violations, and the fine may reach 34.3 billion US dollars

Odaily News South Korean authorities found at least 500,000 to 600,000 KYC violations at Upbit, and under South Korea’s Special Financial Transactions Act, fines for KYC violations can be up to 100 million won (about $68,600) per violation. Based on this data, these violations could result in a $34.3 billion fine.
In addition, the Special Financial Transactions Act stipulates that local cryptocurrency companies are not allowed to trade with unregistered cryptocurrency service providers. South Korean media Naver reported that Upbit also violated this regulation when doing business with unregistered crypto service operators. (Cointelegraph)
Earlier news, Dunamu, the operating company of South Korean cryptocurrency exchange Upbit, officially responded to recent reports that the platform may be punished by the Financial Intelligence Analysis Unit (FIU) under the Financial Services Supervisory Service (FSS) of South Korea to suspend its business.
Dunamu said that the financial regulator's penalty plan has not yet been finalized, and the issues raised will be clarified through subsequent processes including the Sanctions Review Committee. At the same time, Dunamu also emphasized that even if the penalty is finally implemented, it will not affect the cryptocurrency trading services for existing and new users. The penalty will only limit new users from transferring virtual assets from the Upbit platform within a specific time.