Upbit, South Korea's Largest Crypto Exchange, May Face Sanctions in the Country: Report

Quick Summary:

Crypto exchange Upbit could face sanctions from South Korean authorities for not complying with money laundering obligations.

South Korean authorities vowed to look more closely at exchanges in 2022 following the collapse of stablecoin issuer Terra, calling regulators to supervise them thoroughly.

If the decision is confirmed Upbit could be prevented from new customer related business for up to six months.

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Article Details

Author / Journalist: Camomile Shumba

Category: Crypto

Markets: United StatesCubaSouth Korea

Topics: Policy Upbit Enforcement

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-16 @ 13:28:26 (12 hours ago)

News Timezone: GMT -5:00

News Source URL: coindesk.com

Language: English

Article Length: 168 words

Reading Time: 1 minutes read

Sentences: 21 lines

Sentence Length: 8 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinDesk

News ID: 25193668

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