What are the recent penalties imposed on South Korean crypto exchanges?
Amidst a surge in illegal cryptocurrency activity, South Korea’s Financial Intelligence Unit (FIU) has taken action against major local crypto exchanges for violating anti-money laundering (AML) laws. This crack down includes fines for major exchanges, specifically Upbit, Bithumb, Coinone, Korbit, and Gopax, for failing to comply with AML directives. Upbit, the largest exchange, has faced particularly severe scrutiny for over 700,000 Know Your Customer (KYC) violations.
How might this change the competitive landscape for crypto startups?
Should Upbit and others be penalized, their market share is expected to shrink, creating opportunities for smaller exchanges. While their market share dominance is currently at 70-80%, the regulatory…
