Upbit Crypto Exchange Faces Suspension in South Korea
The Upbit cryptocurrency exchange, one of the largest in South Korea, has been issued a suspension notice by the Financial Services Commission (FSC) due to alleged Know Your Customer (KYC) violations. According to Cointelegraph's report on January 16th, Upbit must address these allegations by January 20 or face restrictions on new user registrations for six months. The FSC’s Financial Intelligence Unit identified between 500,000 and 600,000 breaches during their review of Upbit’s client identification process.
If found guilty of KYC violations under South Korean law, fines could reach up to $68,600 per case. With such high numbers involved, potential penalties might total at least $34.3 billion for Upbit. Additionally, it is reported that Upbit conducted transactions with unregistered crypto service providers which further complicates its legal standing.
Malaysia Considers New Legislation for Cryptocurrency Regulation
In Malaysia's ongoing efforts to regulate cryptocurrencies and blockchain technology effectively within its borders, Prime Minister Datuk Seri Anwar Ibrahim announced discussions held with Abu Dhabi officials and Binance representatives regarding future legislation plans as detailed by CoinDesk on January 16th. This initiative aims not only at regulation but also ensuring Malaysia remains competitive globally while safeguarding public interests against financial leakages.
This move follows previous regulatory actions where Malaysian authorities instructed major exchanges like Binance and Huobi Global to cease operations locally due to non-compliance issues back in 2021 and again recently last year. These actions were taken because of unauthorized activities taking place without proper licensing requirements being met.
Santori Steps Down as Kraken Chief Legal Officer
Bloomberg Law reports that Marco Santori will transition from his role as Chief Legal Officer at Kraken after nearly five years into a senior advisory position within the company. This move signifies a shift in his responsibilities within Kraken.
Court Orders Return of Bitcoin Seized From Bitfinex Hack
A recent court ruling mandates restitution involving approximately ninety-four thousand Bitcoins seized following the Bitfinex hack incident that occurred in 2016.
Korea Tightens Control Over Digital Coins Amid Regulatory Changes
The Korea Economic Daily highlights how tighter controls are being considered concerning virtual currencies across the entire spectrum, reflecting broader regulatory changes aimed at strengthening oversight in the digital asset space.
Sources:
- Upbit crypto exchange receives suspension notice in South Korea
- Malaysia Weighs Introduction of Crypto, Blockchain Legislation
- Crypto Exchange Kraken Says Chief Legal Officer Santori Leaves
- US government says Bitcoin seized from 2016 hack should be returned to Bitfinex
- Korea seeks tighter control over digital coins, mulls mandatory disclosures
- Changelly Taps Revolut in Push to Boost European Crypto Access
