According to news on October 22, due to the recent implementation of strict new regulations on the cryptocurrency industry by the South Korean government, dozens of digital asset platforms have been suspended. A lawmaker Yun Chang-hyun accused the country’s top financial regulator of Upbit, the country’s largest cryptocurrency exchange, gives special treatment.
The Korean Financial Services Commission (FSC) accepted Upbit’s compliance report on September 17, and Upbit should immediately begin its Know Your Customer (KYC) obligations.
According to Yoon Chang-hyun, this did not go as planned. FSC postponed the start date of Upbit’s KYC obligations to October 6, adding that FSC deliberately gave Upbit more leeway. Legislators questioned this as a special treatment for Upbit.