On November 14, it was reported that the Financial Information Analysis Institute (FIU) of the Korea Financial Commission found at least 500,000 suspected cases of violations of customer identification (KYC) obligations during the renewal review of Upbit's business. The FIU is currently reviewing these cases for illegality one by one. It is reported that the violation cases discovered this time mainly involve some accounts completing registration using vague identity documents. According to South Korea's Specific Financial Transaction Information Law, virtual asset exchanges need to renew their operating licenses every three years, and violations of KYC obligations can be fined up to 100 million won in each case.