Upbit Faces $25M Fine and Weighs Appeal After AML Violations

South Korea’s largest crypto exchange, Upbit, is facing a potential financial hit of $25 million from the Financial Intelligence Unit (FIU) for alleged AML and KYC violations. The company intends to appeal this decision, but a three-month suspension on new customer onboarding already impacts user acquisition strategies. This situation signifies growing regulatory scrutiny in South Korea, potentially affecting market liquidity and institutional trust. The fine’s outcome will be closely watched as Upbit explores its legal options.