Gate News: On March 11, the Financial Intelligence Unit (FIU) of South Korea initiated sanctions against a certain cryptocurrency exchange. The reason is that the exchange was found to allow users to transfer funds to unregistered overseas trading platforms and failed to implement Know Your Customer (KYC) procedures. Sanctions may include a suspension of new customer services for up to 6 months, while deposits and withdrawals for existing users will not be affected. This penalty is a further blow to the exchange, which previously mistakenly sent out $40 billion worth of Bitcoin due to operational errors and is now also under investigation by advertising regulators. Also under FIU investigation are another exchange and a different trading platform. A competitor was also banned from onboarding new customers for 3 months last year due to similar violations and is currently challenging the ban through legal channels. A court ruling is expected in April.
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