News with the tag "know your customer"

Upbit must respond to the FSC’s suspension notice by Jan. 20 or face restrictions on new registrations on the platform for six months.

California resident Ken Liem has accused three banks of failing to perform adequate checks that could have blocked the scammers from opening accounts in the first place.

Upbit, the leading crypto exchange in South Korea, is being investigated by the country’s financial authorities over an alleged violation of Know-Your-Client (KYC) procedures. The probe comes amid the exchange’s license renewal process and a potential investigation for “anti-monopoly breaches.” Rela...

Due to the alleged KYC violations, Upbit reportedly faces fines of $71,500 per case in addition to possible issues with Upbit’s business license renewal.

The largest US-based crypto exchange wants to prevent crypto from thriving in offshore jurisdictions. In a new blog post, Coinbase says leaving crypto to flourish abroad where entities are not subject to US laws will only enable bad actors to easily use digital assets for illicit purposes. “We maint...

A major crypto exchange platform is adding compulsory Know Your Customer (KYC) rules for its customers as a means of embracing regulations. According to a new press release, KuCoin, a Seychelles-based crypto exchange, will be rolling out mandatory KYC authentication rules for its customers starting ...

The crypto exchange Coinbase is facing a class action lawsuit alleging a privacy violation in its operation. A customer accused the exchange of breaching privacy laws in Illinois in collecting and storing users’ fingerprints and facial scans. On May 1, a Coinbase customer filed a lawsuit against the...