hanbitco

ChainCatcher news, the Seoul Central District Court in South Korea ruled to cancel the Financial Intelligence Unit (FIU)'s fine of 1.9942 billion won (approximately 1.42 million USD) imposed on the virtual asset exchange Hanbitco for KYC violations. The court found that the FIU failed to provide evidence proving that 197 customers met the "aggravating conditions" under the Act on Reporting and Using Specified Financial Transaction Information, nor did it conduct relevant investigations. The so-called "aggravating conditions" refer to the suspicion of customer identity, which may involve the concealment of the actual owner's identity, money laundering activities, or risks of financing terrorism.This ruling may affect the FIU's review of KYC violations by other exchanges, including the recent investigation into 700,000 violations against Upbit.

ChainCatcher message, according to the official announcement from Bithumb, due to the suspension of travel rule solution services by some virtual asset service providers (VASP), it is not possible to withdraw virtual assets worth more than 1 million KRW through these VASPs. This notice applies to Hanbitco.

ChainCatcher news, according to the Korea Economic Daily, the Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) of South Korea reported that the South Korean cryptocurrency exchange Hanbitco has frequently exhibited abnormal trading activities such as wash trading. On October 13, the FIU imposed a fine of 1.942 billion won (approximately 1.43 million USD) on Hanbitco for "violating the obligations to verify customers and restrict transactions" and "violating the obligation to provide information when transferring virtual assets," and issued an "institutional warning."The FIU stated, "Hanbitco must establish and regularly review an effective system, such as periodically verifying the effectiveness of suspicious transaction withdrawal rules and adjusting the thresholds of rules with low effectiveness."