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