South Korean lawmakers say Upbit may face fines of up to 183 trillion Korean won for KYC violations and other actions

South Korean lawmaker Min Byung deok stated that cryptocurrency exchange Upbit may face fines of up to 183 trillion Korean won for KYC violations, while referring to domestic banking cases, the fine amount may range from 45 trillion to 95 trillion Korean won. According to an investigation by the Financial Information Analysis Institute (FIU), Upbit has committed over 9.57 million violations, of which approximately 9.34 million involve customer identity verification issues. At present, FIU has implemented business closure and personnel accountability, but the amount of fines has not yet been determined.