Upbit Faces Sanctions in South Korea Over AML Shortcomings
- South Korea’s FSC set to decide sanctions against Upbit for customer verification issues.
- Upbit faces scrutiny after failing to meet anti-money laundering requirements.
- South Korea plans to lift ban on institutional crypto trading in 2025.
South Korea’s Financial Services Commission (FSC) is getting ready to announce its decision on possible sanctions against Upbit. The decision comes after findings that Upbit didn’t fully meet customer verification requirements meant to prevent money laundering.
Upbit Sanctions Decision Imminent
The FSC’s Chairman, Kim Byoung-hwan, stated that the review process would soon wrap up, addressing concerns about delays raised by lawmaker Kim Jae-seop.
During a National Assembly session, Chairman Kim assured the public that the FSC is working to resolve the matter quickly, pointing out it could affect market dynamics. He clarified that the review process has taken longer than initially thought because of multiple meetings to gather input from all parties involved.
Despite the process taking time, Kim indicated that a resolution would be reached soon, given the possible effects for the crypto market in South Korea.
…The post Upbit Faces Sanctions in South Korea Over AML Shortcomings appeared first on Coin Edition.
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Agrentina President Milei Dismisses LIBRA Crypto Ties Amid Impeachment Calls
Time and again, the cryptocurrency industry has witnessed the downfall of several projects. While some failed simply because of a limited user base, a few others were outright scams. The latter is a reason why most celebrities restrict themselves from promoting cryptocurrencies. More recently, Argentina’s president, Javier Milei, was caught up in a controversy regarding the Libra (LIBRA) token. But Milei was seen refuting claims of his involvement.
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A Look Into LIBRA
LIBRA, the native Solana token of the Libertad project, surged to a $4.56 billion market capitalization on February 14th. This was just after Milei wrote about the asset on X. The asset was endorsed as a privately funded initiative aimed at raising capital for small and medium-sized businesses in Argentina. However, once he removed the post, the token’s value dropped 94%. This not only caused chaos but also led to allegations of a pump-and-dump operation.
The asset’s downfall caused an uproar in the community. Reports revealed that a staggering 44,000 individuals were impacted by LIBRA. But the Argentina President dismissed this and suggested that the “best case scenario is 5,000 people”
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“Spreading The Word”
Amidst calls for impeachment, the Argentina President appeared in an interview with local media. He affirmed that he did not advocate the asset. Milei said,
“I did not promote that. What I did, I spread the word.”
Even though Milei says he has “nothing to hide” and operated in “good faith,” he admitted that the experience with LIBRA has taught him “something to learn.” This includes the necessity to “start setting filters” on what behavior is acceptable and unacceptable.
In addition, Santiment revealed that LIBRA is currently one of the most discussed cryptocurrencies in the market. The asset is observing the largest increases in discussions relative to their typical average rates.
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