In a major regulatory crackdown, South Korea’s top regulatory body is working on issuing a suspension order to the country’s largest crypto exchange Upbit. This development comes alleging that the exchange failed to meet anti-money laundering (AML) obligations, including the violation of its customer identification system (KYC).
As per the latest report on Thursday, January 16, sources familiar with the matter stated that the Financial Intelligence Unit (FIU) of the Financial Services Commission issued a notice to Upbit last week.