Crypto Exchange Upbit faces suspension due to KYC violations

South Korea’s largest crypto exchange Upbit has reportedly received a suspension notice from the Financial Services Commission (FSC) for allegedly violating anti-money laundering (AML) and know-your-customer requirements (KYC). Upbit faces suspension of up to 6 months Thursday, the economic newspaper Maeil reported that South Korea’s Financial Intelligence Unit (FIU) has notified crypto exchange Upbit of…

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China warns against foreign companies that collect iris data via crypto incentives

– The Chinese MSS warns that foreign companies use cryptographic tokens to attract users to share IRIS data, risk confidentiality and national security. – IRIS data, once compromised, cannot be modified, allowing identity theft and unauthorized access. – Foreign companies can require IRIS analyzes during KYC processes to obtain tokens, which increases the abusive data…

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