Big news from South Korea! Upbit, a huge cryptocurrency exchange, got in trouble for breaking some rules. It's like a store that sells digital money, and it didn't follow the government's instructions properly. This is a big deal because Upbit is super popular in South Korea.
The government is really serious about making sure everything is safe and fair. They found Upbit made some mistakes like not checking people's IDs carefully enough and not reporting suspicious activity.
As a result, the government has temporarily stopped Upbit from letting new people join for three months.
- Upbit broke some important rules about how to run a cryptocurrency exchange.
- The government gave Upbit a warning and fired some of its employees.
- Existing Upbit users can still use the exchange.
| Fact | Details |
|---|---|
| Suspension Length | 3 months |
| Upbit's Market Share in Korea | Over 70% |
| Number of KYC violations | Over 700,000 |
