Upbit Risks Losing Its License

Upbit, the largest cryptocurrency exchange in South Korea, may lose its license due to over 600,000 instances of KYC (Know Your Customer) procedure violations. Regulators have identified widespread issues during the customer verification process, which has caught the attention of authorities. In October 2024, an investigation was launched, and the exchange is under pressure, as each violation could result in a fine of $71,000.

If the violations are confirmed, Upbit could face the revocation of its license. In South Korea, virtual asset service providers are required to renew their licenses every three years, and in the case of significant incidents, regulators may decide to shut down the platform.