South Korean lawmaker calls for hefty fines against a certain exchange

According to a report by Jinse Finance, Min Byung-deok, a member of South Korea’s Democratic Party, stated on the 17th that a certain virtual asset exchange should be fined up to 183 trillion won for large-scale violations of customer identification (KYC) and other regulations. An investigation by the Financial Intelligence Unit (FIU) found approximately 9.57 million legal violations at the exchange, including 9.34 million KYC breaches, particularly cases where outdated images were used during required identity re-verification. Although the FIU has imposed a three-month partial business suspension on the exchange and disciplinary action against 10 individuals, the amount of the fine has not yet been determined. Representative Min criticized this as a reflection of inadequate internal controls at the exchange and regulatory negligence by the authorities.