South Korean cryptocurrency exchange Upbit has been fined up to $71500 for violating KYC or for each violation

According to Aggr News, Upbit, a leading cryptocurrency exchange in South Korea, is facing scrutiny for allegedly violating KYC (Know Your Customer) requirements. During its license renewal period, there have been reports that UPbit accepts vague identity documents as verification materials, and may be fined up to $71500 for each violation.